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