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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Planning Commission, India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
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