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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
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