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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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- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- The University of Queensland
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