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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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Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Wilmar Investment Holdings
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
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