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