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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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Showing 1586 to 1590 news of total 6871 |
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- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
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