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Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
 The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quarter of 2019 is now looking ever more likely to never materialize.
The drop noted in Chinese oil demand as part of the COVID-19 coronavirus outbreak, as well as several other factors, have all played a part in negatively affecting the market so far. Freight rates are clearly portraying this status quo, as the BDTI has fallen from the beginning of the year by almost 46%, while the average earnings for VLCC, Suezmax and Aframax units have plummeted by around 85%, 68% and 64% respectively, said Allied Ship brokers in its latest weekly report.
According to Allied Ship Broker, with major areas of China being under quarantine, the whole economy has slowed down significantly, affecting among others the demand for crude oil imports. It is estimated that demand has fallen by around 20% so far. The impact has been equally dramatic for the global oil industry, taking under consideration that today China is the biggest oil importer in the world, normally importing more than 10m bpd. This reduction of oil imports has also been reflected in port calls into China, with estimates showing a fall of approximately 20% to 30% noted in February. At the same time, refineries in China, as well as other countries, are slowing down operations in order to adapt to this curb in demand. According to the International Energy Agency, the situation will severely affect the market, with forecasts showing that the world’s demand for crude oil will decline in the first quarter of the year (first time in ten years).
Allied further noted that, the biggest exposure to this decline in demand is to be faced by Saudi Arabia, who is China’s largest supplier. However, this will not be limited there, as the recent “phase one” deal signed between the US and China stating that the latter would purchase from the US an additional $18.5 billion of energy products this year and $34 billion next year is now looking to be ever more an unrealistic target to reach. China may be the most significant headache for investors right now, but this is not the only factor that is dragging down tanker markets. Worries have shifted over to the supply side of the industry as well lately, after the decision by the US administration to lift sanctions off the Cosco Shipping Tanker (Dalian) Co. fleet. As a result, more vessels are now actively trading, during a period were fixing activity is already anemic. Things are however looking to be more positive on the side of oil production, with talks in Libya continuing and with the potential of a deal being reached, leaving for an additional 1 million bpd of crude oil to be introduced back into the market. Meanwhile, the oil rig count in the US, a factor reflecting the production of oil in the country has risen for a 3rd straight week, reaching a total count to 679. As a result, US shale production is expected to reach a record 9.2 million bpd next month. Adding to this, it is now rumored that both OPEC and Russia will not follow through with any further cuts in oil production right now. Closing on a positive tone, data from China is showing that new coronavirus cases in the country are starting to slow down, with some experts expecting a further decline in the spread growth of the virus taking place by end of March. This means that during the second quarter of the year, we may see a robust correction in the freight market, as importers in China will require to cover the “lost” period of production, leading to a significant temporary ramp up in demand for crude oil and thus for oil tankers.
Allied Shipping Research
Yiannis Vamvakas
Research Analyst
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Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Planning Commission, India
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