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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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Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
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Showing 1266 to 1270 news of total 6871 |
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
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