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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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Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
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- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Petron Corporation, Philippines
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Interocean Group of Companies - India
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