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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
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