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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, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
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- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Eastern Energy - Thailand
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