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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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