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Wednesday, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
 Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure and have significantly been declining since Q3 of 2017 as a result of demand-supply imbalance. Lately, Brent crude oil has hit a 3-year high evidence that OPEC’s policy for supply cuts is supporting prices. Forecasts for 2018 indicate elevated oil demand that might lead to healthier tanker rates, subject to a number of other factors as well.
IEA forecasts global crude oil demand to rise by 1.3% mainly on the back of increased imports by China and India. China’s crude oil imports increased by 800,000 bpd in 2017, representing 50% of the global oil demand growth. China’s domestic oil demand continues to grow, while inland output is respectively descending. IEA projects China’s oil import dependence to rise to 80% by 2040. Additionally, India’s crude oil demand is increasing rapidly, with the country’s import dependence reaching 82% last year. India’s imports from OPEC’s countries declined during 2017, while total imports from non OPEC producers such as US, Canada, Russia and Kazakhstan significantly increased. BP projects the country’s energy demand to rise faster than any other major economy between now and 2035. India’s oil consumption averaged 4.6 million bpd in 2017 and it is projected that the country’s crude oil demand will increase 4.3% in 2018.
It is reported that OPEC will maintain output cuts, while demand continues to grow in 2018. Non-OPEC production is estimated to grow by 1.3 million bpd, with most of it sourced from the US, paving the way for significant ton-mile demand gains, as the USG to Asia represents one of the longest hauls possible. US exports have already started to increase, a trend which is probable bound to continue as OPEC sticks to current production levels. Asian refineries have already increased their oil orders from the Caribbean and Gulf of Mexico. Concurrently, the trouble in Venezuela could discourage ton-mile growth as Europe and Asia are important consumers of Venezuelan crude and exports to these regions represent one of the longest hauls. Therefore, as US exports continue to grow, much of this benefit may be offset by declining long haul routes out of Venezuela.
When prices trended lower in past years, inventories built up and demand for storage spiked. Respectively, such demand diminished as inventories reached peak levels and storage became rarer. Nowadays, we are in the downward phase of this cycle almost after 5 years, as inventories are being utilized. Once inventory capacities return to more manageable levels, in line with historical averages, this would allow trade flows to stabilize, which could be a sort of tailwind for the crude tanker market once it all plays out. Of course the tanker deliveries that are schedule for this year, estimated at around 10.7 million dwt, as far as crude carriers are concerned, will most probably offset part of this expected upside.
A healthier crude market is expected in 2018, with analysts anticipating most of the upside to take place closer to the end of the year. As discussed, various supply-demand essentials may disturb the trade patterns and as always numerous of currently unknown risks could also present themselves during the year. Undoubtedly it looks like all of these trends will require close monitoring in the year ahead.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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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Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
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Showing 1586 to 1590 news of total 6871 |
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- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
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