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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, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
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