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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, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
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- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- CNBM International Corporation - China
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Economic Council, Georgia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
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