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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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