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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, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Xindia Steels Limited - India
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