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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, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
Tuesday, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
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Showing 1821 to 1825 news of total 6871 |
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- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- The University of Queensland
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
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