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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
 Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased demand of clean products and increased refining capacity in the Middle East along with stronger global refining margins in Europe, have been boosting product trade to higher levels since the beginning of 2015.
Over the last couple of weeks, the MR market was not that active, which has resulted on softer rates. However, lack of prompt vessels along with some Charterers looking for LR1 tonnage in order to cover their MR cargoes in the MEG, started supporting rates. In brief we assess WCI/JAPAN basis 35kmt naphtha at W147.5-w150 and MEG/UKC jet fuel hovers at $ 1.8k levels, MEG/EAF basis 35kmt at w195 levels, cross MEG high300k-low400k and MEG/Red Sea firm at 900k levels respectively.
Meanwhile the Atlantic slowed down and since last week a surplus of tonnage eventually pushed rates about 10-15 points down across the board due to lack of demand. We assess USG/Europe basis 38kmt at w105 levels, Cont/T-A at w175-w180 levels basis 37kmt and Cont/WAF at w195 respectively. On the other hand, cross UKC Handies remained stable at w205 basis 30kmt. Moving on to the MED, we experience more activity, which is driving rates for cross MED up to w250-260 levels due to tight tonnage lists and allows Owners to push for more.
Owners believe that MR market will further firm up or at least will stay sta-ble, taking under consideration long T/C contracts during the past months, ranging from $17k to mid-high18k levels for 6mos, 1 year or more.
The LR market has witnessed signs of increased activity East of Suez and in the Far East accordingly, which drove the market to remarkable higher levels especially on the LR2 segments. MEG/Japan reached w140 levels basis 75kmt naphtha, MEG/UKC jet fuels reached at $ 3.3m levels and due to tight tonnage we even noticed WAF ballasters sailing towards the MEG in order take advantage of the stronger market there. On the other hand the western LR2 market is also witnessing healthy demand on naphtha from West to East, assessing at $ 3.2m levels loading from UKC to Japan. Unsurprisingly the Far East backhaul cargoes for LR2 jumped to 700k levels for the ex-Korea to Singapore area and to mid-high600k levels for the LR1 respectively.
Despite the semi-tight LR1 tonnage list in the MEG, somehow owners held back expecting a boost on rates as a spillover from the LR2 rally, which eventually was the case. We noticed a progressively increase of about 5 to 10 points basis 55k naphtha for MEG/Japan at w155-160 levels, while jet deliveries to UKC basis 60kmt at 2.7m levels and Korea/UKC assessed at 2.85m respectively.
Over in the West, we also noticed a slower demand over the last week and eventually rates moved down to w140-145 levels for UKC to WAF basis 60kmt and the traditional 60kmt USG to Europe to around w97.5 levels respectively. As we expect more ballasters from USWC or USAC to be attracted to the MEG, it seems that more lucrative rates will be required for cargoes with eastern destination.
In conclusion, the CPP market seems positive in the short term, with expected ups and downs depending on tonnage supply and cargo demand. Taking also under consideration the limited fleet growth for 2015 and the still unresolved situation in both Libya and Iran, it seems that the following few months, healthy rates will keep prevailing in the market.
By George Vastardis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Australian Coal Association
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
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