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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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Friday, 19 January 18
U.S. WEEKLY COAL OUTPUT WAS 13.5 MMST FOR THE WEEK ENDING JANUARY 13, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.5 million short tons ...
Thursday, 18 January 18
WORLD TRADE IN HARD COAL RISES BY 1.5% IN 2017 - KOHLENIMPORTEURE
Press Release: World Trade in Hard Coal Rises by 1.5% in 2017. German Steam Coal Imports Plummet by 15% in 2017 – in Contrast to Other Sector ...
Wednesday, 17 January 18
SHIPPING MARKET INSIGHT - INTERMODAL
As we are now well into the first month of 2018, the mood across the entire offshore industry undeniably remains rather positive following the oil ...
Monday, 15 January 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO WEAK THIS WEEK - VISTAAR
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Monday, 15 January 18
QUEENSLAND SHIPPED 210.8 MT OF COAL IN 2017, DOWN 5% YOY QUEENSLAND RESOURCES COUNCIL
Queensland's coal exports over the 12 months reached 210.8 mt which is down 10 mt or 5 per cent from the previous year’s record of 220.8 ...
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Showing 1826 to 1830 news of total 6871 |
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- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
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