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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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Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
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Showing 1776 to 1780 news of total 6871 |
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- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Planning Commission, India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
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