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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, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
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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- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
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