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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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Showing 1611 to 1615 news of total 6871 |
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- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
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