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Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
 As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
Looking towards the East of Suez and in particular the Middle Eastern Clean MRs over the previous week, we notice that quite healthy activity has pushed rates slightly up. This led to short hauls cross MEG at mid-high $100k levels, which translates to a $20k increase from the previous week. Distillates to E. Africa moved up at around WS137 (basis 35,000mt), whereas Naphtha lifts ex-WC India to Japan firmed and settled around WS122 levels. However, deliveries to UK Continent remained at mid $800k levels, which is quite stable.
Quite healthy activity was also noticed in the North Far East clean MR market. Routes from S. Korea to Singapore improved to high $200k levels along with similar trades in Northern Far East short haul voyages. Moreover, the S. Korea to E.C Australia route also firmed at around WS180 (basis 35,000mt) , while if healthy demand resumes this week we might witness even better rates in the Northern Asian trade. On the contrary, South Asia activity softened. More specifically, cross-Singapore traded at around $90k to $95k levels and Singapore to S. China routes are still trading at low-mid $200k levels with tonnage availability not assisting recovery in the sector.
Moving on to the LR market it seems that earnings are still under pressure with charterers gaining additional market control in the past days. TC1 (MEG/Japan) traded at around WS90 levels (basis 75,000mt) and TC5 (MEG/Japan) at around WS97 levels (basis 55,000mt), which translates to a decrease of around WS15 points for both segments in a week’s time. Deliveries to UK Continent for LR2s traded at around $1.3m levels and for LR1s at around $1.05m levels. It is therefore evident that the LR market seems unable to find a stable footing at least until the end of May also taking into consideration the beginning of the Ramadan by the end of this week.
On the other hand the Western clean MR market seems to be more promising over the past week, especially for the lifts ex ARA to Transatlantic voyages, as healthy business volumes together with a few replacements shrunk the tonnage list. Similar to the MRs, Handies also witnessed an upward movement that lead to cross Continent rates at around WS125 levels (basis 35,000mt) and Baltic lifts (basis 30,000mt) being fixed at around WS13- to WS132.5.
Continuing with the Mediterranean market, despite the fact that some action was witnessed over the past week, rates ended the week below WS135 levels, which translates to a decrease of WS5 points compared to previous weeks, with lifts ex Black Sea getting the usual w10 point premium.
Moving on to the Western LR1 marker, things have not been very exciting either, as lack of demand left freights sliding accordingly, with voyages from ARA to West Africa hovering at around WS100 points. Deliveries to the Middle East were at around $1.0m and to Singapore discharge at around $1.3m. The LR2 market also experienced even slower demand compared to previous weeks that led to freights ex ARA to MEG at $1.15m and $1.37m to Singapore discharge, enabling us to assess for a typical naphtha employment from MED to Japan at around $1.6m levels.
To conclude, even though refineries maintenance in the Far East has been completed and reasonably everyone is expecting more action ahead, our expectations remain fairly low especially for the Eastern Market, unless we witness significant signs of recovery on the bigger sizes.
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, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
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