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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
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- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Australian Coal Association
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
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