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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
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