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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1411 to 1415 news of total 6846 |
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- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
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