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