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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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- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
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