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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, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The cu ...
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Showing 1856 to 1860 news of total 6871 |
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- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
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