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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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Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
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 $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
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- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
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