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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, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
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- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Planning Commission, India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
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