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