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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, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- PTC India Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
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