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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, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Planning Commission, India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
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