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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- The University of Queensland
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- White Energy Company Limited
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
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