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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- PTC India Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Planning Commission, India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
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