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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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Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
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- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Indika Energy - Indonesia
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