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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as newbuilding deliveries increase, BIMCO said in its latest report.
According to Niels Rasmussen, Chief Shipping Analyst of BIMCO, driven by increasing sailing distances product tanker demand is also expected to grow faster than supply in 2024 but slower in 2025 as ships return to normal routings. A tightening supply/demand balance should result in increases in rates and prices in both market in 2024 but could weaken in 2025, especially in the product tanker sector.
Demand
The report further noted that, the IMF estimates that the global economy will grow 3.2% in 2024 and 3.3% in 2025. Growth is slowing in key countries such as the US, China and India. The IEA estimates that crude supply will grow 0.3 mbpd in 2024 and 1.5 mbpd in 2025. Mainly US, Brazil and Guyana will increase supply.
The IEA expects, the report says, an oil demand increase of 1.0 mbpd in both 2024 and 2025. Demand continues to grow mainly in Asia while demand in OECD countries has stagnated.
We have assumed that Red Sea rerouting may last throughout 2024. Longer sailing distances are therefore estimated to drive 100% of 2024 demand increases, Niels Rasmussen, Chief Shipping Analyst of BIMCO says in its report.
Supply
commenting on supply, the report says, the crude tanker fleet is estimated to grow 0.5% in 2024 and 1.2% in 2025 as the order book remains small.
Product tanker fleet growth is expected to be 1.6% in 2024 but increase to 4.8% in 2025 as deliveries of ships contracted in 2023 begin.
predicted weakening of product tanker fundamentals are expected to lower sailing speed in 2025. In 2024, sailing speed will not impact supply growth, the latest report of BIMCO says.
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Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
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- GAC Shipping (India) Pvt Ltd
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- Indo Tambangraya Megah - Indonesia
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- Orica Mining Services - Indonesia
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- Economic Council, Georgia
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- Global Coal Blending Company Limited - Australia
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- Indian Oil Corporation Limited
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- White Energy Company Limited
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- South Luzon Thermal Energy Corporation
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- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
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- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
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- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
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- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
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- Australian Coal Association
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- Coalindo Energy - Indonesia
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- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
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- Makarim & Taira - Indonesia
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- Indika Energy - Indonesia
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- IEA Clean Coal Centre - UK
- Planning Commission, India
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- Goldman Sachs - Singapore
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- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Bulk Trading Sa - Switzerland
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- The University of Queensland
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- Chamber of Mines of South Africa
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- Petron Corporation, Philippines
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- Tamil Nadu electricity Board
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- Rio Tinto Coal - Australia
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- Siam City Cement - Thailand
- Eastern Coal Council - USA
- MS Steel International - UAE
- Energy Development Corp, Philippines
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- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
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- Africa Commodities Group - South Africa
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- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
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