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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
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