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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
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