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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, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Eastern Coal Council - USA
- Planning Commission, India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- The University of Queensland
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
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