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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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Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- The University of Queensland
- Vedanta Resources Plc - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
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