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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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- Minerals Council of Australia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Central Electricity Authority - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
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