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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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Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
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Showing 2516 to 2520 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
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