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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, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- London Commodity Brokers - England
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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