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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
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