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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, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
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