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Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
 As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
Looking towards the East of Suez and in particular the Middle Eastern Clean MRs over the previous week, we notice that quite healthy activity has pushed rates slightly up. This led to short hauls cross MEG at mid-high $100k levels, which translates to a $20k increase from the previous week. Distillates to E. Africa moved up at around WS137 (basis 35,000mt), whereas Naphtha lifts ex-WC India to Japan firmed and settled around WS122 levels. However, deliveries to UK Continent remained at mid $800k levels, which is quite stable.
Quite healthy activity was also noticed in the North Far East clean MR market. Routes from S. Korea to Singapore improved to high $200k levels along with similar trades in Northern Far East short haul voyages. Moreover, the S. Korea to E.C Australia route also firmed at around WS180 (basis 35,000mt) , while if healthy demand resumes this week we might witness even better rates in the Northern Asian trade. On the contrary, South Asia activity softened. More specifically, cross-Singapore traded at around $90k to $95k levels and Singapore to S. China routes are still trading at low-mid $200k levels with tonnage availability not assisting recovery in the sector.
Moving on to the LR market it seems that earnings are still under pressure with charterers gaining additional market control in the past days. TC1 (MEG/Japan) traded at around WS90 levels (basis 75,000mt) and TC5 (MEG/Japan) at around WS97 levels (basis 55,000mt), which translates to a decrease of around WS15 points for both segments in a week’s time. Deliveries to UK Continent for LR2s traded at around $1.3m levels and for LR1s at around $1.05m levels. It is therefore evident that the LR market seems unable to find a stable footing at least until the end of May also taking into consideration the beginning of the Ramadan by the end of this week.
On the other hand the Western clean MR market seems to be more promising over the past week, especially for the lifts ex ARA to Transatlantic voyages, as healthy business volumes together with a few replacements shrunk the tonnage list. Similar to the MRs, Handies also witnessed an upward movement that lead to cross Continent rates at around WS125 levels (basis 35,000mt) and Baltic lifts (basis 30,000mt) being fixed at around WS13- to WS132.5.
Continuing with the Mediterranean market, despite the fact that some action was witnessed over the past week, rates ended the week below WS135 levels, which translates to a decrease of WS5 points compared to previous weeks, with lifts ex Black Sea getting the usual w10 point premium.
Moving on to the Western LR1 marker, things have not been very exciting either, as lack of demand left freights sliding accordingly, with voyages from ARA to West Africa hovering at around WS100 points. Deliveries to the Middle East were at around $1.0m and to Singapore discharge at around $1.3m. The LR2 market also experienced even slower demand compared to previous weeks that led to freights ex ARA to MEG at $1.15m and $1.37m to Singapore discharge, enabling us to assess for a typical naphtha employment from MED to Japan at around $1.6m levels.
To conclude, even though refineries maintenance in the Far East has been completed and reasonably everyone is expecting more action ahead, our expectations remain fairly low especially for the Eastern Market, unless we witness significant signs of recovery on the bigger sizes.
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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Wednesday, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
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