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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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