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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, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
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