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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, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
Tuesday, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
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- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Australian Coal Association
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
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