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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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Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
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- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
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