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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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Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
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