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Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPEC’s historic decision to defend its market share had massive repercussions for oil markets, resulting in the collapse of oil prices, falling US shale oil output, major overhang of crude supply and dramatic cutbacks in the oil companies’ capital expenditure. In contrast, OPEC’s strategy “turbocharged” the crude tanker market, generating more seaborne trade to existing and new markets, supporting operational/logistical floating storage and fuelling delays and inefficiencies in tanker transportation.
Shipbroker Gibson noted that “just before this year’s meeting, a highly regarded energy markets publication reported (quoting a senior OPEC delegate) that Saudi Arabia would support a co-ordinated reduction of 1 million b/d in 2016, if other OPEC members and non-OPEC countries, such as Russia, Mexico, Oman and Kazakhstan commit to reducing production. As OPEC decided not to cut, it will once again have significant implications for the crude tanker market. Strong Middle East crude exports will continue to oil the wheels of tanker trade. In addition, the widely anticipated return of Iran to international markets will provide a further boost to trade requirements, although at a risk of increased competition from the NITC fleet”.
Gibson added that “the expectations are that Iranian crude production could rise between 0.5 and 1 million b/d within a year of sanctions being lifted. The growth in Iranian crude exports will only add to an already oversupplied crude market and as such this will support additional storage requirements and loading/discharge delays. Crude tankers will also benefit in the medium term due to forecast greater reliance on the OPEC crude, in particular from the Middle East as lower oil prices are likely to translate into a decline in non-OPEC crude production before 2020”.
However, the London-based shipbroker said that the question remains whether the strategy of defending market share will be maintained if oil prices continue to fall. “The reversal of the current strategy would naturally result in less seaborne crude trade. It would also aid rebalancing in oil markets, reducing, if not eliminating the overhang of world crude production over demand. In this scenario, inefficiencies in tanker transportation are likely to decline, releasing additional tanker capacity into the market. To sum up, today’s decision is welcome news for tanker owners. However, the call for collective action should not be completely ignored or dismissed, as any cutback in the Middle East crude output would significantly impact on owners’ fortunes”, Gibson concluded.
Meanwhile, in the tanker market this week, in the Middle East, “VLCC Charterers quickly came to the conclusion that there would be no rate retreat for the balance of December, and then decided to go on a preHoliday shopping spree. So much so, that the market ramped back to the recent record peaks seen in October, and the party has still not finished. As high as ws 95 for short East, and ws 50 to the USGulf, have been paid and although there may well be some profit taking to stall further upward movement, Owners will try very hard not to allow this spike to puncture as rapidly as the last, with big bonus awards if they can keep a grip into January. Suezmaxes saw nothing as dramatic, but enough attention turned their way to encourage a bolder stance, and rates moved above ws 100 to the East and into the mid ws 50s West with perhaps more to come next week. Aframaxes kept their upward momentum intact, going further to 80,000 by ws 135 to Singapore, and now with sights upon hitting ws 145 over the coming period…they may well succeed”, Gibson noted.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
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- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Planning Commission, India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
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