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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, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
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- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Australian Coal Association
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
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