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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Planning Commission, India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
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