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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Marubeni Corporation - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Aditya Birla Group - India
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