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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the Middle East. The latest attacks on vessels and the downing of a US drone have profoundly advanced the cost of shipping oil from the Middle East. The Joint War Committee of Lloyd’s Market Association insurance body has reported in May, the addition of Persian Gulf and surrounding waters along with the Gulf of Oman to the list of areas under risk of “Hull War, Piracy, Terrorism and related perils”. The risks on stake have urged insurance companies posing high insurance premiums on maritime companies that operate through the Strait of Hormuz. Accordingly, war risk underwriters are charging additional premiums for vessels trading in the Middle East Gulf and the Gulf of Oman.
As known, it is the privilege of the insurers to invoice premium to shipowners, who may then endeavor to pass it on to charterers if the market situation and charter terms warrants so. For example, after the incidents, for an Aframax calling one port in the MEG, the premium could range from USD 40 to 50k. Thereafter, underwriters instead of insuring the entrance in the area are providing owners an offer basis the specific voyage to be performed in the area which may then be further negotiated.
Almost 30% of all crude oil supplies shipped pass through the thin canal of the Strait of Hormuz. Many argue that the threat to commercial shipping is obvious and hasn’t been seen in the region for decades. As reported by the chairman of Intertanko, “if the waters are becoming unsafe the supply of the entire Western world could be at risk”. Historically, escalations that disrupt MEG oil supplies are infrequent and thus as analyzed freight rates could increase due to owners avoiding the region. As known the oil-supply countries in the MEG area including Kuwait, Saudi Arabia, Iraq and Iran are accommodating close to 20% of the world’s oil demand that passes through the Strait of Hormuz.
The oil markets have overall remained relatively calm, although the fact that there was a second series of incidents since May, has definitely intensified concerns. During the days of the incident prices for Brent crude rose almost 4% to $61 a barrel, a level still much lower though compared to the $72 a barrel in mid-May. Thus, we did not view great increase in oil-prices and one of the reasons is that traders are possibly betting that the fiery tensions will not burst into a full-scale conflict. Additionally, worries on global growth on the back of the trade war together with US shale oil production growing at a fast pace have also kept the oil price increase in check.
The OPEC meeting at the beginning of this week came at a significant and unstable time for the oil market and as a further extension of the cuts did take place as it was anticipated by most investors, it will be interesting to see how strong the support on prices will be going forward.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
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