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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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Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- The University of Queensland
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
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