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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, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
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- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
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