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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Planning Commission, India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
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