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Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
 While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East of Suez routes. The Middle East LRs are under considerable pressure, mainly due to the lack of demand. The new 2017 flat rates have created a sort of confusion, which has eventually concluded most of the fixtures on basis PLATTS. However, over the past week, we heard a rumor on TC1 ex MEG to Japan loading min 75,000T at WS 112.5 (about 30WS points down) basis WS 2017. Moreover, distillate deliveries to UK continent traded at $1.9m levels (dropped around $150k) In the meantime, LR1 seems to have bottomed out due to a long tonnage list and a lack of activity which resulted in TC5 WS115 for min 55,000T from MEG to Japan at $1.175m, which translates to $100k less from the previous week for deliveries to UK continent respectively.
On the contrary, MR activity, was not as disappointing and remained quite flexible over the week. Cross MEG cargoes were fixed around low $200k levels, whereas MEG routes to East Africa destinations moved up at around WS190. WCI naphtha lifts to Japan rated at WS165 basis 35,000T and the deliveries to UK continent at very low $1.0m, which looks to be quite stable.
Looking towards the Far East region over the past weeks, we witnessed a softening of the market and a decline in fresh enquires for MR sizes. With S. Korea loading to Singapore destination ending the week at $.385k. Levels (around $15k less than prior weeks). The South Asia market is also getting weaker, which results in tonnage availability becoming more ample and enabling us to comment that the near future does not look bright.
Moving on to the West of Suez regions things are not as exciting as expected as, even though activity was decent enough on paper, the ARA/Transatlantic traded at WS165 levels, basis 37,000T (about 30WS points down from previous fixtures), a number of ballasters from US regions sailed to Europe. This allowed charterers to eventually push rates down and ARA lifts basis 37,000T to West Africa rated at WS180 respectively. Oversupply of tonnage put some pressure on Handies as well. Ice conditions eventually offered some premiums, thus fixtures were concluded at WS180 basis 30,000T ex Baltic to UK Continent. In the Black Sea/Med market, owners managed to reach just shy of WS200 levels, mainly due to weather conditions which caused delays and the Cross Med, ended up at WS175 basis 30,000T.
At the time of this writing, LR owners seem to be getting some much-needed relief, with the recent level of activity keeping the market alive. The LR2 ex ARA to Singapore is at around $2.0m levels and the typical naphtha from Mediterranean to Japan is hovering at about low $2.0m. In the meantime, LR1 is enjoying steady demand coupled with healthy tonnage availability, which has resulted in an increase to ex-UK continent to West Africa at around WS150 basis min 60,000T. ARA to South Asia traded at around $1.65m to $1.70m levels and the usual naphtha has elevated ex Mediterranean ports to Japan at around $1.83m levels respectively, while owners keep asking for higher premiums (about $80k to $100k) due to a poor Asia market.
To conclude, our expectations remain fairly low as far the Eastern Market is concerned when comparing it with the Western Market. The distillates arbitrage from Far East to West does not seem to be helping enough and, as we approach the Chinese New Year, the lack of balance between supply and demand signals a further delayed recovery. The year of the Rooster leaves us with no option other than to hold tight and brace ourselves for a truly challenging market.
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, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
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- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
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