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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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Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
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