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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Monday, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Australian Coal Association
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
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