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