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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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