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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
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- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Posco Energy - South Korea
- CNBM International Corporation - China
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
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