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