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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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