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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, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Planning Commission, India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
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