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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
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- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Planning Commission, India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
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