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