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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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- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
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