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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
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