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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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Thursday, 21 December 17
SUPRAMAX: IN THE MOST CHANCE, DO NOT EXPECT ANY DRAMATIC CHANGES IN THE NEAR FUTURE - FEARNLEYS
Supramax
Market reducing speed. Rates are dropping further for supras outbound USG on fronth, bkhaul is more stable i.e $25k/22k respectively say ...
Wednesday, 20 December 17
INDONESIAN HBA FELL FOR THE FIRST TIME IN SIX MONTHS, GOVERNMENT DATA SHOWS
COALspot.com: HBA fell 0.80 per cent in December, marking the first fall for the Indonesian Coal Price Reference ( HBA) since June 2017, the latest ...
Monday, 18 December 17
U.S. COAL EXPORTS FOR THE FIRST THREE QUARTERS OF 2017 WERE 69 MMST; UP 68% M/M - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million sho ...
Thursday, 14 December 17
SUPRAMAX: INDO COAL TO CHINA AROUND LOW $10K DELIVERY SINGAPORE
Supramax
Atlantic basin kept its firm pace with charters still busy with covering pre-holiday requirements. Ultras got close to $20k for ordinary ...
Wednesday, 13 December 17
REFINED COAL HAS MADE UP NEARLY ONE-FIFTH OF COAL-FIRED POWER GENERATION SO FAR IN 2017 - EIA
The U.S. power sector consumption of coal is increasingly shifting to refined coal, even as coal-fired electricity generation decreases. Use of ref ...
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Showing 1846 to 1850 news of total 6871 |
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- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
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