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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
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