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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, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
Tuesday, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
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Showing 1821 to 1825 news of total 6871 |
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- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- The University of Queensland
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
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