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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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