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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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Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
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Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
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Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
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Showing 1411 to 1415 news of total 6846 |
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- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
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