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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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