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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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Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Minerals Council of Australia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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