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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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