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