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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, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
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