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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- The University of Queensland
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
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