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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, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Australian Coal Association
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
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