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