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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, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
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