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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, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
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- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
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