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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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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
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Showing 1806 to 1810 news of total 6871 |
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- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- The University of Queensland
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
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