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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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Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
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- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
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