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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
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