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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
Tuesday, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
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- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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