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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, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
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