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Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
 The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quarter of 2019 is now looking ever more likely to never materialize.
The drop noted in Chinese oil demand as part of the COVID-19 coronavirus outbreak, as well as several other factors, have all played a part in negatively affecting the market so far. Freight rates are clearly portraying this status quo, as the BDTI has fallen from the beginning of the year by almost 46%, while the average earnings for VLCC, Suezmax and Aframax units have plummeted by around 85%, 68% and 64% respectively, said Allied Ship brokers in its latest weekly report.
According to Allied Ship Broker, with major areas of China being under quarantine, the whole economy has slowed down significantly, affecting among others the demand for crude oil imports. It is estimated that demand has fallen by around 20% so far. The impact has been equally dramatic for the global oil industry, taking under consideration that today China is the biggest oil importer in the world, normally importing more than 10m bpd. This reduction of oil imports has also been reflected in port calls into China, with estimates showing a fall of approximately 20% to 30% noted in February. At the same time, refineries in China, as well as other countries, are slowing down operations in order to adapt to this curb in demand. According to the International Energy Agency, the situation will severely affect the market, with forecasts showing that the world’s demand for crude oil will decline in the first quarter of the year (first time in ten years).
Allied further noted that, the biggest exposure to this decline in demand is to be faced by Saudi Arabia, who is China’s largest supplier. However, this will not be limited there, as the recent “phase one” deal signed between the US and China stating that the latter would purchase from the US an additional $18.5 billion of energy products this year and $34 billion next year is now looking to be ever more an unrealistic target to reach. China may be the most significant headache for investors right now, but this is not the only factor that is dragging down tanker markets. Worries have shifted over to the supply side of the industry as well lately, after the decision by the US administration to lift sanctions off the Cosco Shipping Tanker (Dalian) Co. fleet. As a result, more vessels are now actively trading, during a period were fixing activity is already anemic. Things are however looking to be more positive on the side of oil production, with talks in Libya continuing and with the potential of a deal being reached, leaving for an additional 1 million bpd of crude oil to be introduced back into the market. Meanwhile, the oil rig count in the US, a factor reflecting the production of oil in the country has risen for a 3rd straight week, reaching a total count to 679. As a result, US shale production is expected to reach a record 9.2 million bpd next month. Adding to this, it is now rumored that both OPEC and Russia will not follow through with any further cuts in oil production right now. Closing on a positive tone, data from China is showing that new coronavirus cases in the country are starting to slow down, with some experts expecting a further decline in the spread growth of the virus taking place by end of March. This means that during the second quarter of the year, we may see a robust correction in the freight market, as importers in China will require to cover the “lost” period of production, leading to a significant temporary ramp up in demand for crude oil and thus for oil tankers.
Allied Shipping Research
Yiannis Vamvakas
Research Analyst
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Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- The University of Queensland
- Rio Tinto Coal - Australia
- Australian Coal Association
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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