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