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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, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
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