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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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Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- PTC India Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Australian Coal Association
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