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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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Friday, 18 May 18
AFTER COAL, INDONESIAN GOVERNMENT PUSHES DMO ON GAS FOR ELECTRICITY
After introducing its domestic market obligation (DMO) policy for coal on March 12, the government is going forward with its plan to introduce a DM ...
Friday, 18 May 18
INDONESIA'S SAMARINDA ANCHORAGE COAL LOADING ACTIVITIES WERE RESUMED YESTERDAY AT 4PM LOCAL TIME
Samarinda Anchorage coal loading activities were resumed yesterday at 4PM local time.
Local fishermen in Samarinda Anchorage have been demonst ...
Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besid ...
Thursday, 10 May 18
PRIVATE POWER PRODUCERS NEED A 'POWERFUL PUSH' - PRADEEP MITTAL
- PLF of the Private Sector in the country (Coal and Lignite based) for FY 2017-18 (till Dec 2017) is 56%.
- 51 GW of stressed assets (Thermal &a ...
Tuesday, 08 May 18
BUMA SIGNED OVER US$1 BILLION WORTH OF NEW CONTRACT WITH PT INDONESIA PRATAMA
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, has entered into mining services contracts with PT Indones ...
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Showing 1721 to 1725 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
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