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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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- MS Steel International - UAE
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
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