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Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
 Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on their asset values. The improvements on VLCC rates, which showed its first sparks with Chinese imports steering the wheel at the end of September, has now stabilized.
During the past month and a half TD3C has increased more than 100%, sitting today at 90WS for modern units, with Aframaxes and Suezmaxes also following the trend and looking at 140WS mark to the East and 130WS respectively. It is worth mentioning that Suezmaxes have further benefited from both increased activity in West Africa as well as the maintenance that is taking place in the only berth in Basrah, which accommodates Suezmaxes with crane capacity of 15 tons but only allows those of 20 ton cranes at the moment.
Many of the LR2 operators/owners have been taking advantage of the elevated dirty market by switching from trading clean products to dirty. Some of the Owners that switched and are currently enjoying the spike are Maersk, OceanTankers and Eletson, who has been already loading dirty products to their LR2's since the previous spike in DPP products. Bunkers remain on about the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels. NITC currently owns/operates more than 30 VLCC's.
Since early October when WTI prices reached the highest levels in the last 3 years ($76.41), prices have been stepping back gradually, currently standing at about $56 per barrel. According to latest news on oil cuts, Saudi Arabia is willing to reduce oil output about 1.4 million barrels per day, which is 1.5% of global supply. Russia on the other hand, up to today clearly states that it does not want to follow any of the upcoming OPEC oil cuts. When talking about production cuts on the oil output, usually oil cuts are addressed to heavier barrels, which don’t affect the light sweet supply (WTI, Brent), hence prices are not being affected. OPEC members will be meeting on December 5th to discuss oil cuts in order to prevent prices from falling further.
As it is self-explanatory and was also stressed by Mr. Rober Hvide Macle yesterday in TradeWinds; any oil cuts will affect the freight market - considering that oil supply and supply of ships is correlated. It seems that the steady demand that has significantly increased freight rates on large tankers has also affected assets values. Last week it was reported that NGM sold the MT ''Alter Ego I" (309.700 dwt, 2001) for $21.5 million, whilst Hellenic Tankers paid $18 million for MT "Seaways Sakura'' (298,600 dwt, 2001) in mid-end September.
With Diwali celebrations during early November and the Bahri reception taking place last week, activity ex Middle East has slowed down, with fewer fixtures compared to last month. Charterers with remaining cargoes from the November program currently maintain a low profile to avoid owners’ bullish attitude. On the other hand, Owners are hoping to actually push rates even higher as charterers have already started to cover December cargoes and everybody is back to their offices. Irrespective of who regains control in the short term, it seems that Christmas has come early for tankers this year and hopefully it will also last longer.
By Dimitris Kourtesis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
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- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
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