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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, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Australian Coal Association
- Bhatia International Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
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