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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
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- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- The University of Queensland
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
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