Job Search
 
 
  CV Search
 
 
  News
Carnival Cruise ship has technical issue causing ship to tilt to one side It was pure chaos Screams Cries Panic
  
The 2020 Global Sulphur cap
  
Demand Keeps Momentum in the VLCC market
  
Tankers: New refining capacity in India to trigger crude demand
  
New emission regulations in shipping
  
 
 

Maritime News

Tankers: New refining capacity in India to trigger crude demand

India is gearing up to be one of the major markets for crude oil demand, together with China. In its latest weekly report, shipbroker Gibson noted that “India, along with China has long been revered as a key driver of world oil demand growth. However, higher crude prices and a weaker rupee have seen domestic fuel prices surge. Now, with sanctions imminent against one of India’s largest suppliers, consumers could see further price rises which may impact on their purchasing power. This begs the question; can the crude market really rely on India to drive demand over the coming years in a higher price environment?”

According to the shipbroker, “since the start of 2018, crude prices have risen over 11%. What has become an already expensive time for Indian refiners to import US$ priced crude has been exacerbated by a simultaneous 13% decline of the Indian Rupee vs the US$. This unwelcome mix has meant in real terms, an almost 30% increase in the price of crude for Indian refiners. The Reserve Bank of India recently estimated that for every $10 increase in a barrel of oil, GDP suffers by 0.15%, potentially cannibalising some the anticipated oil demand growth. Furthermore, crude import reliance is rising as domestic production fails to grow. Quite simply, higher crude prices offer zero upside for the Indian economy. To limit the impact, the Government has sought to protect consumers from rising prices through tax cuts on diesel and gasoline this month and has even asked domestic refiners to sacrifice margins in order to limit price rises”.

Gibson mentioned that “despite higher prices, seaborne arrivals in the first two decades of October are pointing toward a strong gain, with Kpler reporting an average of 308,000 b/d higher crude imports month on month than September (a 5% increase YOY Q3 2017 vs Q3 2018). There have been higher volumes from Nigeria and Latin America, with noticeable arrivals from Venezuela as well as increasing gains from Iraq. Indian crude buying seems strong for now. Imports have also risen from Iran, with September volumes already up 20% YOY, prompting many to ask whether imports from Iran will wind down following the sanctions snapback. Indeed, Oil Minister Dharmendra Pradhan has stated India’s intent to continue lifting Iranian barrels, with Indian refiners reportedly already placing orders to buy 9 million barrels for November. Perhaps this is unsurprising when it is considered that heavily discounted Iranian barrels may help the country manage the effect of higher international crude prices. India has even sought to implement a new payment system to purchase Iranian crude in rupees, in order to circumvent US sanctions”.

According to Gibson “looking further ahead, irrespective of prices, developments in Indian refining capacity are likely to be the main driving force behind the growth in crude import demand. Between 2019-2022, 550,000 b/d of additional refining capacity is due to come online, roughly the same as demand growth projections over the corresponding period. Even if domestic demand does falter, high run rates are likely to keep import volumes high. If unexpectedly the domestic market cannot absorb all the product, then refined product export volumes will have to rise”, the shipbroker concluded.

Meeanwhile, in the crude tanker market this week, in the Middle East, Gibson said that “VLCC Charterers did their best to restrict the fresh cargo flow and initially their efforts prevailed to allow rates to drift off slightly from last week’s numbers. Late week, however, the tide turned as more forward positions hit resistance, which eventually led to a noticeable rebound getting underway, with short haul rates moving to as high as ws 125, with ‘standard’ Far East movements at no less than ws 85 for modern units, and rate ideas to the West moving up through the mid ws 30’s. With a full second half November programme to come, there is now potential for something even more substantial if Charterers don’t control the pace. Suezmaxes gained sharply to the West on news of a 20 tonne crane restriction being imposed by Basrah for November liftings and those compliant units managed to quickly drive rates towards ws 60, with runs to the East also improving to ws 110+ and perhaps higher could be seen into next week too. Aframaxes eased off a little to 80,000mt by ws 135 to Singapore upon lighter interest but there’s a solid feel nonetheless, and any concerted cargo-push would lead rates up again in short order”, the shipbroker said.
Nikos Roussanoglou, Hellenic Shipping News Worldwide.

Published On Monday,October 29th,2018 @ www.seajobhunt.com !!!

 Featured Company
BAMS MARINE SERVICES PVT LTD,India Accord Marine Management Pvt Ltd,India Sea Wealth Marine Solutions,India
Yak Marine Pvt Ltd. ,India Jude Enterprises & Marine Services Pvt. Ltd.,India Mehdi Bros Ship Services Pvt. Ltd.,India
RAS SHIP MANAGEMENT Pvt.Ltd ,India K.R. Marine Services Pvt. Ltd.,India AL-HUZAIR MARINE SERVICES PVT.LTD,India
West Zone Marine Pvt Ltd,India Admiral Marine Services Pvt. Ltd.,India Udya Shipping Services Pvt. Ltd. ,India
CCrescent,India Nimbus Maritime Services Private Limited,India S K ENGINEERING SHIPPING I PVT LTD,India
Vrinda Global Pvt. Ltd.,India AUBURN SHIPMANAGEMENT DMCC,India Trycon Marine Services Private Limited,India
ASIA MARITIME SERVICES PVT.LTD.,India ASP Ship Management (India) Pvt Ltd,India Aark Shipping And Manning Pvt. Ltd.,India
Euro Crewing Service LLC,India Ocean Offshore Marine India,India AMAZE MARITIME SERVICES PVT. LTD. ,India
HOLY ANGEL MARINE SERVICES PVT LTD,India BD Shipping,India Global Jobs Pool. ,India
CORPORATE MARITIME SER PVT LTD,India Arctic Offshore & Manning Company Pvt. Ltd.,India Vigil Marine Services Private Limited,India
NAAVEX MARINE SERVICES,India World Ships Management Pvt Ltd,India Sea Wealth Maine Solutions,India
Marine Solutionz Ship Management Pvt. Ltd.,India TEJAS MARITIME PVT. LTD. ( MAC SHIP DESIGN AND CONSTRUCTION PRIVATE LIMITED ),India DP SHIP MANAGEMENT PVT. LTD,India
DS MARINE,India Trinitas Ship Management Private Limited,India OLIVE CREW MANAGEMENT,India
Nams Ship Management Pvt.Ltd,India IMS SHIP MANAGEMENT Pvt Ltd,India vencen marine solution,India
SS Maritime Services,India Seastrom Marine Pvt. Ltd.,India Malawat Ship Management Pvt.Ltd.,India
Mariners Community Ship Management Private Limited,India Primanav ship management pvt. ltd,India Oceanic Star Shipping Pvt. Ltd. ,India
SEASON SHIP MANAGEMENT & MARITIME SERVICES,India Tapti Waterways Private Limited,India Naz Maritime Services Pvt.Ltd.,India
Swar India Shipping Services Pvt. Ltd,India Quadrant Maritime Pvt Ltd,India Tangar Ship Management Pvt Ltd,India
Glance One Ship Management Pvt. Ltd.,India Oath Marine Services Pvt Ltd,India MARVIN INTERNATIONAL SHIP MANAGEMENT,India
Rassiya Shipping Services Pvt Ltd,India AUBURN SHIPMANAGEMENT DMCC,India Mr.Sushant,India
Summai Shipping Pvt.Ltd.,India MMS Maritime (India) Pvt.Ltd,India AMSWAY SHIP MANAGEMENT PRIVATE LIMITED,India
AG. MARITIME PRIVATE LIMITED,India Pelorus shipping pvt.ltd,India SVS MARINE SERVICES PRIVATE LIMITED,India
Seashell Marine Service Pvt. Ltd,India East India Shipping Agency,India Campbell Shipping Pvt. Ltd.,India
Phelix Shipping Ventures Pvt. Ltd,India I-Marine Infratech (India) Pvt. Ltd,India SHODEN MARITIME & SHIPPING VENTURES PVT LTD,India
Coastal Shipping Links(India) Pvt.Ltd,India DMC SHIP MANAGMENT PVT LTD ,India Unimar Marine Services Pvt. Ltd.,India
Three Bees Shipping Pvt. Ltd,India Ocean Glaxy Marine Pvt. Ltd.,India VR MARITIME SERVICES PVT LTD,India
Seaprime Marine Mgmt Pvt.Ltd,India sarwamangla Marine Pvt Ltd,India Twilight Shipping,India
Indocean Maritime Services Pvt Ltd,India Valaf DMCC,India Lilly Maritime Pvt. Ltd.,India
Neptune Ship Management ,India Nimbusmaritime Service,India MMS Americas LLC,India
Amag Ships Pvt. Ltd.,India gwl maritime services india pvt ltd ,India Blue Whale Maritime,India
PRATISHTHA MARINE SERVICES,India INTER OCEANIC MARINE SERVICES PVT LTD,India Royal Shipping Services,India
Join Hands Marine Services Private Limited,India DEMENTUS SHIP MANAGEMENT INDIA PVT LTD,India Meridian Marine Management Private Limited,India
Penta Crystal Ship Management,India Oceanic Shipping Services Private Limited,India Synergy Maritime Recruitment Services Pvt Ltd,India
MAERSK ,India Oceans Pride Marine Services Pvt. Ltd.,India RAMAN MARITIME ACADEMY PVT. LTD.,India
SeaJobhunt,India APAC Marine Services Pvt. Ltd,India Angel Maritime (India) Services ,India
Albatross  Marine Services  ,India AET Shipmanagement (India) Pvt. Ltd,India Helm Shipping Management Private Limited,India
SHRI MAHAVIR MARINE SERVICES PVT LTD,India Ind-Aust Maritime Pvt. Ltd,India Bridgeview Maritime Pvt.Ltd,India
Calm Seas Shipping and Maritime Services Pvt.ltd,India Ad Ship Management pvt. Ltd,India Tristarr Maritime And Shipping Private Limited,India

Copyrights © 2012 seajobhunt.com
Terms and Conditions  -   Sitemap  -   Private Policy  -   FAQ  -   Contact Us
Site By : Pheunix