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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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Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
Friday, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
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- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- The University of Queensland
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
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