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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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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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- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- The University of Queensland
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
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