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Wednesday, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
 On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to rise and inventories are now standing above the five-year average. OPEC decided to maintain production at 31.5 million barrels per day although failed to reach to an agreement in reference to production ceiling. As a result, crude oil prices slumped with Brent and U.S. futures falling below $40 a barrel, for the first time since 2009. Since Saudi Arabia drove a year ago OPEC's choice to maintain production and defend its market share by pressuring higher-cost producers, oil price has slid down 40%. The absence of a limit on OPEC’s production could add millions of barrels of additional crude next year, from countries such as Iran and Iraq, though OPEC plans to discuss accommodation of higher supplies at its next meeting in June, 2016.
OPEC expects global economic growth to close off at 3.1% this year, due to the slowdown in the emerging economies and the low US growth in the third quarter. For 2016, world economic growth is expected to progress to 3.4%, with US growth at 2.5% and total OECD growth at 2.1%. World oil demand is assessed to grow on about 1.25 million b/d, while EIA estimates global consumption of petroleum and other liquids to increase by 1.4 million b/d in 2016, with China continuing to be the main driver of non-OECD oil consumption growth. Overall, as global petroleum and other liquids production overtakes consumption, the balance between supply and demand becomes more difficult to be restored, with expectations of a more well-adjusted market pointing to the end of next year.
It should be noted that EIA's crude oil price prediction for 2016 is subject to essential vulnerabilities as the market tries to move towards stability. The oil market faces numerous challenges, including the pace and capacity at which Iranian oil supply reenters the market, the strength of oil consumption growth and the responsiveness of the excess production/supply to low oil prices. Low oil prices have already caused delays or cancellations of scheduled projects, like the cancellation of the 80,000 b/d Carmon Creek project back in October by Shell.
It goes without saying that in regards to the shipping industry, the implications of lower oil prices are significant. In the beginning of each year Worldscale flat rates are reset, with the bunker component being the most critical element to their calculation, based on prices between October and September. The fall in oil prices has led to a major decline of bunker prices. Accordingly, it is projected that for 2016 Worldscale flat rates will decline by more than 25% on long haul routes and by almost 20% on short haul routes. Bear in mind that for long haul routes, bunker costs are undoubtedly the primary expense borne by the Ship-owners during a voyage.
To conclude with, it is argued that there will need to be more than a slight movement on reserves and demand in order to adjust supply and thus sustain oil prices higher, especially as fears of a long period of an oversupplied market have set in crushing sentiment. Specific policy is needed to be set by major producers either within or outside OPEC, in order to motivate traders that any positive correction in the price of oil will be viable, especially ahead of Iran’s return to the market. Otherwise predictions of another dive of oil prices may come true.
Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
US COAL PRODUCTION ROSE 2.9% WOW, ACCORDING TO EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.7 million short tons (mm ...
Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
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Showing 2416 to 2420 news of total 6871 |
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- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Planning Commission, India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
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