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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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Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
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- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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