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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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 $18 million for MT "Seaways Sakura'' (298,600 dwt, 2001) in mid-end September.
With Diwali celebrations during early November and the Bahri reception taking place last week, activity ex Middle East has slowed down, with fewer fixtures compared to last month. Charterers with remaining cargoes from the November program currently maintain a low profile to avoid owners’ bullish attitude. On the other hand, Owners are hoping to actually push rates even higher as charterers have already started to cover December cargoes and everybody is back to their offices. Irrespective of who regains control in the short term, it seems that Christmas has come early for tankers this year and hopefully it will also last longer.
By Dimitris Kourtesis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
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- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
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