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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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Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
Monday, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
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- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
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