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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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Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
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- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- The University of Queensland
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Bhatia International Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
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