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Wednesday, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
 Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure and have significantly been declining since Q3 of 2017 as a result of demand-supply imbalance. Lately, Brent crude oil has hit a 3-year high evidence that OPEC’s policy for supply cuts is supporting prices. Forecasts for 2018 indicate elevated oil demand that might lead to healthier tanker rates, subject to a number of other factors as well.
IEA forecasts global crude oil demand to rise by 1.3% mainly on the back of increased imports by China and India. China’s crude oil imports increased by 800,000 bpd in 2017, representing 50% of the global oil demand growth. China’s domestic oil demand continues to grow, while inland output is respectively descending. IEA projects China’s oil import dependence to rise to 80% by 2040. Additionally, India’s crude oil demand is increasing rapidly, with the country’s import dependence reaching 82% last year. India’s imports from OPEC’s countries declined during 2017, while total imports from non OPEC producers such as US, Canada, Russia and Kazakhstan significantly increased. BP projects the country’s energy demand to rise faster than any other major economy between now and 2035. India’s oil consumption averaged 4.6 million bpd in 2017 and it is projected that the country’s crude oil demand will increase 4.3% in 2018.
It is reported that OPEC will maintain output cuts, while demand continues to grow in 2018. Non-OPEC production is estimated to grow by 1.3 million bpd, with most of it sourced from the US, paving the way for significant ton-mile demand gains, as the USG to Asia represents one of the longest hauls possible. US exports have already started to increase, a trend which is probable bound to continue as OPEC sticks to current production levels. Asian refineries have already increased their oil orders from the Caribbean and Gulf of Mexico. Concurrently, the trouble in Venezuela could discourage ton-mile growth as Europe and Asia are important consumers of Venezuelan crude and exports to these regions represent one of the longest hauls. Therefore, as US exports continue to grow, much of this benefit may be offset by declining long haul routes out of Venezuela.
When prices trended lower in past years, inventories built up and demand for storage spiked. Respectively, such demand diminished as inventories reached peak levels and storage became rarer. Nowadays, we are in the downward phase of this cycle almost after 5 years, as inventories are being utilized. Once inventory capacities return to more manageable levels, in line with historical averages, this would allow trade flows to stabilize, which could be a sort of tailwind for the crude tanker market once it all plays out. Of course the tanker deliveries that are schedule for this year, estimated at around 10.7 million dwt, as far as crude carriers are concerned, will most probably offset part of this expected upside.
A healthier crude market is expected in 2018, with analysts anticipating most of the upside to take place closer to the end of the year. As discussed, various supply-demand essentials may disturb the trade patterns and as always numerous of currently unknown risks could also present themselves during the year. Undoubtedly it looks like all of these trends will require close monitoring in the year ahead.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Planning Commission, India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- SMC Global Power, Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
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