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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 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
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