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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
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