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Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
 Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil prices over the past couple of months. With Iranian oil out of the picture for many of the main importers, Saudi Arabia and the rest of the OPEC countries have already started to gradually increase their output to cover the demand gap, said Yiannis Vamvakas, Research Analyst of Allied Shipping.
However, he further noted that, these plans were disrupted by a footnote in these most recent sanctions, which stated that several countries (including China, India and Japan) are allowed to continue importing oil from Teheran for a limited time period, but without any specified limitation in the imported volume. It is worth mentioning that China is the biggest importer of Iranian oil. This would essentially leave Iranian production levels to approximately 1.1 million bpd in November and to even higher figures in December. In addition to this, competition from other countries has intensified. Russia has raised its output during the previous months (11.41 million bpd in October), and with further growth being planned for 2019. At the same time, US production is expected to reach to 10.7 million bpd by the end of the year and is set to increase by another 250,000 bpd in 2019. As a result, Brent oil prices, which had reached a four-year high of $86 a barrel in October based on tight supply concerns, have slid back down to $67 now, losing around 21% within a month.
Allied weekly research report further said, with a supply glut on the horizon, Saudi Arabia is now considering proceeding, together with the rest of OPEC members, to an output cut of about 1.4 million bpd, even though Washington asserts that the provision of waivers is a temporary measure. Another interesting aspect of the Iranian sanctions is the possible decision by Teheran to maintain production numbers at high levels, even after the waiver program expires, and use some of the domestic VLCC fleet as floating storage. With a considerable portion of the Iranian tanker fleet out of the picture, market participants can expect a positive impact on the demand for the rest of global tanker fleet despite reports that there are already around 14 inactive Iranian VLCCs.
Moreover, Yiannis Vamvakas said, it is worth mentioning that the average haul should increase, adding further support for freight rates. China will turn its focus to other oil sources with West Africa and Brazil being most likely candidates, increasing the average ton-mile demand significantly. Other Far Eastern countries that are currently under the US waiver program will also change their import business partners with the US being an additional option. However, here we should mention that despite the continuing dredging that takes place in the US Gulf ports, fully loaded VLCCs are still unable to call the majority of ports there.
Freight rates in the crude oil market have already picked up over the past couple of weeks, with the Iranian sanctions being an important factor. Beyond this however, with the northern hemisphere enter into its winter period, the seasonal increases in oil demand that typically take place have also played a significant role in this most recent rally. The Paris-based International Energy Agency (IEA) announced in their latest monthly report that its forecast for global demand growth for 2018 and 2019 have remained unchanged from last month. With some volatility being anticipated due to uncertainty in the oil market, market participants are expecting the positive sentiment to continue for the rest of 2018, as well as the first quarter of 2019. However, with the rate of deliveries expected to be seen within 2019 this current upward momentum trend may well end up being curbed significantly in the long run.
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Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
Thursday, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Australian Coal Association
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
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