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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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Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
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- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
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