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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
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- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Australian Coal Association
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Parliament of New Zealand
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