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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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Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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Showing 2541 to 2545 news of total 6871 |
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- Marubeni Corporation - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
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