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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, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- The Treasury - Australian Government
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- PTC India Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
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