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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, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
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- PTC India Limited - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
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