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