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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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Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
Thursday, 11 June 15
IS COAL INDUSTRY GOING TO HIT A BRICK WALL?
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.59 per MT fo ...
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- Africa Commodities Group - South Africa
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Planning Commission, India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
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