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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
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- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- MS Steel International - UAE
- Planning Commission, India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
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