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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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Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
...
Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
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- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
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