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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
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- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- The University of Queensland
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
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