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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, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
Friday, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- PTC India Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
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