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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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Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- The University of Queensland
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- White Energy Company Limited
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
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