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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
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- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Planning Commission, India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
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