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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
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