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Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
 With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubtedly it was a very interesting quarter with a significant freight boom taking place earlier in the year, tensions among oil producers creating volatile market conditions and the COVID-19 pandemic reshaping the global economic environment said Yiannis Vamvakas, Research Analyst of Allied Shipping in his latest weekly report.
Yiannis Vamvakas further noted that, the truth is that the recent developments as part of the pandemic have affected the whole global economy, diminishing demand for several oil products which in turn has started to show a slight trend in crude oil itself. Looking just at the BDTI index, we can see on absolute terms that the quarterly loss was 12.7%. This is a disappointing figure, Yiannis Vamvakas said, but not devastating especially when it is compared to the dry bulk market, proving that the oil market was able to resist the effects of the global economic downhill that is being witnessed. Adding to this, we noted that both the VLCC and Suezmax TCA have gained 164.4% and 37.7% respectively on a quarterly basis. It seems as though that had it not been for the catastrophic February, things may have been even better for the crude oil tanker segments.
The price war between oil producers has pushed Brent and WTI to record lows, helping demand remain healthy even under the current circumstances, while several tankers have been “taken out” of the global fleet in order to be used as storage. In contrary to all of this, we should note that the Aframax TCA moved in the opposite direction this past quarter, losing about 30.8%. Given that oil price is not expected to move significantly upwards in the coming months (obviously not considering any major shift in production plans of the main oil producers), we are anticipating interest from the charterers’ side to remain intense during the start of the 2nd quarter. Adding to this the glimpse of optimism reflected in the rebound noted in European stock markets on the back of the stabilization seen in the COVID-19 spread, and you could have the basis for a gradual improvement to take place.
Research Analyst of Allied Shipping further noted that, on the supply side, we have seen the global tanker fleet increase by 53 units during 1Q20, with 23 of them being crude oil carriers. This quarterly rise is around 1%, an encouraging figure when compared to the respective fleet expansion of 2.63% noted in 1Q19. On the supply side things remain positive for now, with interest for new-building orders having eased back as of late. However, it is likely that this trend will shift in the near future, as ship recycling activity will now be minimal due to the COVID-19 lockdown measures taken in the Indian Sub-Continent, while at the same time this pause noted in newbuilding activity is expected to be temporary. On the positive side though the orderbook to vintage fleet ratio (a figure that depicts the potential additions compared to potential demolition candidates) holds at fairly good levels. The ratio now holds for the VLCC segment at a mere 13.33%, for the Suezmax 24.00% and for the Aframax 7.89%, the lowest points noted the last 5 years.
Taking into consideration the resilience that crude oil tanker market has shown so far, we anticipate the market to remain on a positive track in the coming quarter, even if there are some signs of volatility emerging. The low-price of oil, the potential that the worst is now behind us and the healthy status of the supply side, all leave space for optimism. However, as we are deliberating on a market that is largely exposed to geo-political events and highly linked to the global economy, it is essential to remember that there could always be another “blank swan” hiding around next turn.
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Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- ICICI Bank Limited - India
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