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