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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, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
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