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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the Middle East. The latest attacks on vessels and the downing of a US drone have profoundly advanced the cost of shipping oil from the Middle East. The Joint War Committee of Lloyd’s Market Association insurance body has reported in May, the addition of Persian Gulf and surrounding waters along with the Gulf of Oman to the list of areas under risk of “Hull War, Piracy, Terrorism and related perils”. The risks on stake have urged insurance companies posing high insurance premiums on maritime companies that operate through the Strait of Hormuz. Accordingly, war risk underwriters are charging additional premiums for vessels trading in the Middle East Gulf and the Gulf of Oman.
As known, it is the privilege of the insurers to invoice premium to shipowners, who may then endeavor to pass it on to charterers if the market situation and charter terms warrants so. For example, after the incidents, for an Aframax calling one port in the MEG, the premium could range from USD 40 to 50k. Thereafter, underwriters instead of insuring the entrance in the area are providing owners an offer basis the specific voyage to be performed in the area which may then be further negotiated.
Almost 30% of all crude oil supplies shipped pass through the thin canal of the Strait of Hormuz. Many argue that the threat to commercial shipping is obvious and hasn’t been seen in the region for decades. As reported by the chairman of Intertanko, “if the waters are becoming unsafe the supply of the entire Western world could be at risk”. Historically, escalations that disrupt MEG oil supplies are infrequent and thus as analyzed freight rates could increase due to owners avoiding the region. As known the oil-supply countries in the MEG area including Kuwait, Saudi Arabia, Iraq and Iran are accommodating close to 20% of the world’s oil demand that passes through the Strait of Hormuz.
The oil markets have overall remained relatively calm, although the fact that there was a second series of incidents since May, has definitely intensified concerns. During the days of the incident prices for Brent crude rose almost 4% to $61 a barrel, a level still much lower though compared to the $72 a barrel in mid-May. Thus, we did not view great increase in oil-prices and one of the reasons is that traders are possibly betting that the fiery tensions will not burst into a full-scale conflict. Additionally, worries on global growth on the back of the trade war together with US shale oil production growing at a fast pace have also kept the oil price increase in check.
The OPEC meeting at the beginning of this week came at a significant and unstable time for the oil market and as a further extension of the cuts did take place as it was anticipated by most investors, it will be interesting to see how strong the support on prices will be going forward.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
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