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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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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Mjunction Services Limited - India
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