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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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