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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 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- The University of Queensland
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
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