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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the same levels ($555-560 basis Fujairah), while with US sanctions in place Iranian tonnage (NITC) is slowly being withdrawn from the market as many charterers cannot utilize the vessels.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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Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Planning Commission, India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
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