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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, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
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- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- The University of Queensland
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
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