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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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Friday, 18 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
Friday, 18 December 15
CHINA GROWTH SHOCK TO HIT ENERGY, SHIPPING, STEEL MOST - FITCH
Energy, shipping and steel would be the hardest-hit sectors in Asia-Pacific (APAC) in the event of a sharp slowdown in Chinese growth, says Fitch R ...
Friday, 18 December 15
WEEKLY U.S. COAL PRODUCTION REMAINS FLAT ACROSS ALL BASINS
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 17 December 15
THE LOW DEMAND AND EXCESS COAL OUTPUT, KEEP THE FOB INDONESIA COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q1 2016 rose month on month and decline slightly week over week. For the week ended December 11, 20 ...
Thursday, 17 December 15
GLADSTONE PORT COAL RECORD LOOMING, EXPORTS UP 12% - GLADSTONE OBSERVER
COAL exports from Gladstone's port have taken a leap, with more than seven million tonnes leaving the wharves in November.
That increase i ...
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- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
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