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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- MS Steel International - UAE
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
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