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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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.
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Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
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- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- The University of Queensland
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
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