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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, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
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Showing 2716 to 2720 news of total 6871 |
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- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
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