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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
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