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