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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, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
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- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Planning Commission, India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- White Energy Company Limited
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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