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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
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RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
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Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Parliament of New Zealand
- Economic Council, Georgia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- PTC India Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
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