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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, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
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