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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, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
Tuesday, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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