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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
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