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Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
 While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East of Suez routes. The Middle East LRs are under considerable pressure, mainly due to the lack of demand. The new 2017 flat rates have created a sort of confusion, which has eventually concluded most of the fixtures on basis PLATTS. However, over the past week, we heard a rumor on TC1 ex MEG to Japan loading min 75,000T at WS 112.5 (about 30WS points down) basis WS 2017. Moreover, distillate deliveries to UK continent traded at $1.9m levels (dropped around $150k) In the meantime, LR1 seems to have bottomed out due to a long tonnage list and a lack of activity which resulted in TC5 WS115 for min 55,000T from MEG to Japan at $1.175m, which translates to $100k less from the previous week for deliveries to UK continent respectively.
On the contrary, MR activity, was not as disappointing and remained quite flexible over the week. Cross MEG cargoes were fixed around low $200k levels, whereas MEG routes to East Africa destinations moved up at around WS190. WCI naphtha lifts to Japan rated at WS165 basis 35,000T and the deliveries to UK continent at very low $1.0m, which looks to be quite stable.
Looking towards the Far East region over the past weeks, we witnessed a softening of the market and a decline in fresh enquires for MR sizes. With S. Korea loading to Singapore destination ending the week at $.385k. Levels (around $15k less than prior weeks). The South Asia market is also getting weaker, which results in tonnage availability becoming more ample and enabling us to comment that the near future does not look bright.
Moving on to the West of Suez regions things are not as exciting as expected as, even though activity was decent enough on paper, the ARA/Transatlantic traded at WS165 levels, basis 37,000T (about 30WS points down from previous fixtures), a number of ballasters from US regions sailed to Europe. This allowed charterers to eventually push rates down and ARA lifts basis 37,000T to West Africa rated at WS180 respectively. Oversupply of tonnage put some pressure on Handies as well. Ice conditions eventually offered some premiums, thus fixtures were concluded at WS180 basis 30,000T ex Baltic to UK Continent. In the Black Sea/Med market, owners managed to reach just shy of WS200 levels, mainly due to weather conditions which caused delays and the Cross Med, ended up at WS175 basis 30,000T.
At the time of this writing, LR owners seem to be getting some much-needed relief, with the recent level of activity keeping the market alive. The LR2 ex ARA to Singapore is at around $2.0m levels and the typical naphtha from Mediterranean to Japan is hovering at about low $2.0m. In the meantime, LR1 is enjoying steady demand coupled with healthy tonnage availability, which has resulted in an increase to ex-UK continent to West Africa at around WS150 basis min 60,000T. ARA to South Asia traded at around $1.65m to $1.70m levels and the usual naphtha has elevated ex Mediterranean ports to Japan at around $1.83m levels respectively, while owners keep asking for higher premiums (about $80k to $100k) due to a poor Asia market.
To conclude, our expectations remain fairly low as far the Eastern Market is concerned when comparing it with the Western Market. The distillates arbitrage from Far East to West does not seem to be helping enough and, as we approach the Chinese New Year, the lack of balance between supply and demand signals a further delayed recovery. The year of the Rooster leaves us with no option other than to hold tight and brace ourselves for a truly challenging market.
By George Vastardis
Tanker Chartering Broker - CPP Desk
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
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