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