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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and irregular on Jan.13:
380 HSFO – USD/MT – 388.82 (+0.72)
VLSFO – USD/MT – 660.00 (-1.00)
MGO – USD/MT – 702.06 (+0.75)
Meantime, world oil indexes fell on Jan.13 as investors shifted their focus away from easing Mideast tensions to this week’s scheduled signing of an initial U.S.-China trade deal.
Brent for March settlement declined by $0.78 to $64.20 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February fell by $0.96 to $58.08 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.12 to WTI. Gasoil for February delivery lost $16.75.
Today morning global oil indexes do not have any firm trend.
It is expected that the U.S. and China agreement is already largely discounted in the price level, and is unlikely to provide a strong boost to oil prices. A U.S.-China trade deal is due to be signed in Washington on Jan.15. The Trump administration has invited at least 200 people to a ceremony for the signing, but the two nations have not yet finalised details of what will be signed.
This year, Chinese crude oil demand growth could be just half of the estimated growth for 2019, and the lowest growth pace since the financial crisis in 2008. Apparent demand for oil in China—calculated by adding domestic production to net imports and changes to inventories—is set to increase by just 2.4 percent in 2020, less than half the 5.2-percent growth estimated for 2019. the impact of the U.S.-China trade war will continue to be felt in the Chinese economy, whose growth will linger at 6 percent.
Last week, the U.S. House of Representatives voted to curb U.S. President Donald Trump’s power to strike Iran. Meanwhile, in comments to Fox News, Vice President Mike Pence said the Islamic Republic has asked militias in the Middle East not to carry out attacks against U.S. interests. The situation in Iran remained volatile, however, as its citizens protested after the government admitted on Jan.11 that it had mistakenly show down a Ukrainian passenger jet, killing all 176 people on board. Iran’s government said it was forming a working group to probe the crash and compensate victims.
OPEC not only continued to cut its crude oil production in December 2019, but it also managed to reach its deeper-cut target for Q1 2020 a month earlier than planned. As in all previous months, Saudi Arabia overcomplied significantly with its share of the cuts, helping the cartel achieve the new quota effective January a month early (Saudi Arabia’s December oil production was 9.82 million bpd: a way below the December quota of 10.3 million bpd. The Saudis were still compensating for rogue OPEC members Iraq and Nigeria, which, despite cutting their respective production, were still not complying with their December quotas. OPEC’s total crude oil production stood at 29.55 million bpd in December, down by 100,000 bpd compared to November.
Rystad Energy continues to see a downward risk to prices, with further pressure on OPEC to implement even deeper production cuts in order to keep Brent oil prices around $60 per barrel through 2020. Oil prices still react dramatically to news of tensions in the Persian Gulf, although less dramatically now than they would have before the US shale revolution. The importance of the region for oil markets is obvious, given that seven Gulf countries alone – Saudi Arabia, Iraq, UAE, Kuwait, Iran, Oman and Qatar – produced around 24 million bpd of crude oil in December 2019. Rystad Energy forecasts that the ‘call’ on OPEC will average about 28.3 million bpd during the final nine months of 2020. By comparison, OPECs actual production in December 2019 was 29.6 million bpd, and the cartel’s new implied production target for the first quarter of 2020 is 29.2 million bpd.
The Chinese Maritime Safety Administration (MSA) has rooted out two cases of ships using fuel that did not comply with the new IMO 2020 regulations. In statement issued on 10 January, the Standard Club revealed that it had received reports about the incidents. In one case, the ship was under a Port State Control inspection in Qingdao when the MSA verified the use of fuel oil with a sulphur content of .6777% mm. The MSA also found that a ship berthed in Xiamen has been burning non-compliant fuel. The ship had been at berth nearly six days after changing over to compliant fuel – and it is likely that previous high sulphur fuel residue remained in the engine fuel system resulting in emissions over the China ECA limit. It is ‘not clear yet whether the MSA will fine the ships for the IMO 2020 violations.
The International Energy Agency (IEA) said, by 2040, India’s oil consumption is set to increase at the fastest pace than any major economy in the world as the country is becoming increasingly influential in global energy markets. Currently, India is the world’s third largest consumer of oil, the fourth largest oil refiner, and a net exporter of refined products. India’s oil demand growth rate is expected to surpass the growth pace of China in the middle of the 2020s, making India a very attractive market for refinery investment. Besides, India’s oil import dependency is set to rise significantly in coming decades, from an already high dependency of over 80 percent in 2018.
We expect bunker prices may go down today in a range of minus 3-6 USD for IFO and minus 9-15 USD for MGO.
Source: MABUX
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Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
Friday, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
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- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
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