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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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