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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Deloitte Consulting - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
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