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