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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, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
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