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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Bhatia International Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- White Energy Company Limited
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
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