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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- PTC India Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- The University of Queensland
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
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