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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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Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
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