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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, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
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