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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 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
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Showing 1806 to 1810 news of total 6871 |
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- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
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