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Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well as newly established oil tanker routes, which came as a result of the booming US oil production. In its latest monthly outlook, shipbroker Intermodal, noted that the continuously softening price of oil has been monopolizing head-lines for a while now, a very short period of less than five months, the price of the commodity has been slashed. The benchmark price of Brent has moved from $110 per barrel in the beggining of July $80 per barrel a couple of days ago, a sharp decline of more than 27% and a level last visited in September 2010.
In its analysis, Eva Tzima, Intermodal’s Research Analyst said that “the price of the loyal servant of energy which has been steadily climbing post the end of the Lehman market shock, has been a key driver of developments across the globe. Amidst a high priced oil environment other energy sources have started to steadily gain popularity and eventually a bigger share in the energy market. So what has pushed the price of oil down and most importantly how sustainable this new environment might be? The US shale oil revolution has come at a time when global growth prospects are ailing and the role of central banks remains vital in safeguarding the journey to economic recovery.As shale oil production started to account for a big share in the US market through, the US has significantly reduced its imports from OPEC countries exerting significant pressure especially on South American and West African oil exports. As expected, the increasing US output that reached its highest level in almost 30 years, has added to the global oil supply glut that was already being built up by the growth slowdown of economies in the likes of China and Europe and their consequent lesser demand for oil”, she said.
According to Tzima, “as excess supply started putting pressure on the price of oil lately, most were expecting OPEC producers to start curbing their supply in an effort to support prices. Instead, in the beggining of last month, Saudi Aramco, Saudi Arabia’s state-run producer and the world;s dominant exporter, didn’t meddle with its exports volume at all but moved ahead with cutting prices for all exports. Such decision is logically identified by most analysts as an effort by the Saudis to defend their global market share no matter what the cost is at this stage and it seems that so far this working. Asian oil demand has already increased, with Far East importing countries being lured back to higher import levels, helping crude carriers benefit not only from lower bunker prices but also from increase Eastbound demand. Most notably, and despite the fact that oil demand in China has been weakening throughout the year, the country’s import have started picking up significantly since mid-summer, roughly around the same time that oil prices started to slide. China started taking advantage of the current low price environment by quickly accelerating its imports in the 3-month period of July-September with the purpose to reinforce its strategic reserves”.
Intermodal’s analysts added that “at the same time, talks of US oil export ban being lifted seems to be warming up again. The incoming head of the Senate Energy Committee, Republican Senator Lisa Murkowski, who has been a big supporter of relaxing the ban, will be able to continue doing so in a more favorable environment following the recent win of Republicans in the control of the Senate. Although nobody believes that the 40-year ban could be easily relaxed, Senator Murkowski’s rising to this position comes at a timing that could only add pressure on overall sentiment for oil prices globally. With OPEC talking no stance to support oil prices and the US shale oil production resuming at current levels, it seems that we are heading for lower price of oil in the short term, but whether this can become the new normal, I would think ”Not so fast..”The reality is that US shale oil producers need oil prices to remain at levels that won’t squeeze their own margins in order for their production to remain competitive, while at the same time, economies like that of Russia will be hardly hit of oil prices keep sliding for a prolonged period. The same holds for other OPEC members that will eventually put pressure on the Saudis to act in order to stabilize prices. So let’s just enjoy cheap oil for now, because this might not be a case of ”last man standing” between oil producers after all, but only case of just shuffling the deck”, Tzima concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
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