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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, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
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- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
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