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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, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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- Standard Chartered Bank - UAE
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
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