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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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Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
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 ...
Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
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- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
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