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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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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
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