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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and irregular on Jan.13:
380 HSFO – USD/MT – 388.82 (+0.72)
VLSFO – USD/MT – 660.00 (-1.00)
MGO – USD/MT – 702.06 (+0.75)
Meantime, world oil indexes fell on Jan.13 as investors shifted their focus away from easing Mideast tensions to this week’s scheduled signing of an initial U.S.-China trade deal.
Brent for March settlement declined by $0.78 to $64.20 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February fell by $0.96 to $58.08 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.12 to WTI. Gasoil for February delivery lost $16.75.
Today morning global oil indexes do not have any firm trend.
It is expected that the U.S. and China agreement is already largely discounted in the price level, and is unlikely to provide a strong boost to oil prices. A U.S.-China trade deal is due to be signed in Washington on Jan.15. The Trump administration has invited at least 200 people to a ceremony for the signing, but the two nations have not yet finalised details of what will be signed.
This year, Chinese crude oil demand growth could be just half of the estimated growth for 2019, and the lowest growth pace since the financial crisis in 2008. Apparent demand for oil in China—calculated by adding domestic production to net imports and changes to inventories—is set to increase by just 2.4 percent in 2020, less than half the 5.2-percent growth estimated for 2019. the impact of the U.S.-China trade war will continue to be felt in the Chinese economy, whose growth will linger at 6 percent.
Last week, the U.S. House of Representatives voted to curb U.S. President Donald Trump’s power to strike Iran. Meanwhile, in comments to Fox News, Vice President Mike Pence said the Islamic Republic has asked militias in the Middle East not to carry out attacks against U.S. interests. The situation in Iran remained volatile, however, as its citizens protested after the government admitted on Jan.11 that it had mistakenly show down a Ukrainian passenger jet, killing all 176 people on board. Iran’s government said it was forming a working group to probe the crash and compensate victims.
OPEC not only continued to cut its crude oil production in December 2019, but it also managed to reach its deeper-cut target for Q1 2020 a month earlier than planned. As in all previous months, Saudi Arabia overcomplied significantly with its share of the cuts, helping the cartel achieve the new quota effective January a month early (Saudi Arabia’s December oil production was 9.82 million bpd: a way below the December quota of 10.3 million bpd. The Saudis were still compensating for rogue OPEC members Iraq and Nigeria, which, despite cutting their respective production, were still not complying with their December quotas. OPEC’s total crude oil production stood at 29.55 million bpd in December, down by 100,000 bpd compared to November.
Rystad Energy continues to see a downward risk to prices, with further pressure on OPEC to implement even deeper production cuts in order to keep Brent oil prices around $60 per barrel through 2020. Oil prices still react dramatically to news of tensions in the Persian Gulf, although less dramatically now than they would have before the US shale revolution. The importance of the region for oil markets is obvious, given that seven Gulf countries alone – Saudi Arabia, Iraq, UAE, Kuwait, Iran, Oman and Qatar – produced around 24 million bpd of crude oil in December 2019. Rystad Energy forecasts that the ‘call’ on OPEC will average about 28.3 million bpd during the final nine months of 2020. By comparison, OPECs actual production in December 2019 was 29.6 million bpd, and the cartel’s new implied production target for the first quarter of 2020 is 29.2 million bpd.
The Chinese Maritime Safety Administration (MSA) has rooted out two cases of ships using fuel that did not comply with the new IMO 2020 regulations. In statement issued on 10 January, the Standard Club revealed that it had received reports about the incidents. In one case, the ship was under a Port State Control inspection in Qingdao when the MSA verified the use of fuel oil with a sulphur content of .6777% mm. The MSA also found that a ship berthed in Xiamen has been burning non-compliant fuel. The ship had been at berth nearly six days after changing over to compliant fuel – and it is likely that previous high sulphur fuel residue remained in the engine fuel system resulting in emissions over the China ECA limit. It is ‘not clear yet whether the MSA will fine the ships for the IMO 2020 violations.
The International Energy Agency (IEA) said, by 2040, India’s oil consumption is set to increase at the fastest pace than any major economy in the world as the country is becoming increasingly influential in global energy markets. Currently, India is the world’s third largest consumer of oil, the fourth largest oil refiner, and a net exporter of refined products. India’s oil demand growth rate is expected to surpass the growth pace of China in the middle of the 2020s, making India a very attractive market for refinery investment. Besides, India’s oil import dependency is set to rise significantly in coming decades, from an already high dependency of over 80 percent in 2018.
We expect bunker prices may go down today in a range of minus 3-6 USD for IFO and minus 9-15 USD for MGO.
Source: MABUX
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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
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