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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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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
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