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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Goldman Sachs - Singapore
- The University of Queensland
- ASAPP Information Group - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Central Electricity Authority - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
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