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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
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