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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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Friday, 19 January 18
U.S. WEEKLY COAL OUTPUT WAS 13.5 MMST FOR THE WEEK ENDING JANUARY 13, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.5 million short tons ...
Thursday, 18 January 18
WORLD TRADE IN HARD COAL RISES BY 1.5% IN 2017 - KOHLENIMPORTEURE
Press Release: World Trade in Hard Coal Rises by 1.5% in 2017. German Steam Coal Imports Plummet by 15% in 2017 – in Contrast to Other Sector ...
Wednesday, 17 January 18
SHIPPING MARKET INSIGHT - INTERMODAL
As we are now well into the first month of 2018, the mood across the entire offshore industry undeniably remains rather positive following the oil ...
Monday, 15 January 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO WEAK THIS WEEK - VISTAAR
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Monday, 15 January 18
QUEENSLAND SHIPPED 210.8 MT OF COAL IN 2017, DOWN 5% YOY QUEENSLAND RESOURCES COUNCIL
Queensland's coal exports over the 12 months reached 210.8 mt which is down 10 mt or 5 per cent from the previous year’s record of 220.8 ...
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Showing 1826 to 1830 news of total 6871 |
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- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- PTC India Limited - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
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