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