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