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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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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- White Energy Company Limited
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
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