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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
 Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow any further price increases.
We assume Brent and WTI will average USD42 a barrel in 2016, up from our USD35/bbl base case in February. The increase follows evidence that the market will come into balance in the second half of 2016, which has already been reflected in a year-to-date average price of USD41/40 for Brent/WTI.
However, we do not believe that the rapid price recovery seen in the first half of 2016 will continue. The sub-USD30 prices at the start of the year approached cash costs for many producers and were unsustainable in all but the very short term. Prices in the USD40-USD50 range allow most producers to break even on a cash basis, if not to cover sunk costs.
We believe that record high inventories - OECD stocks are still more than 10% higher than normal - and market expectations that US shale production will begin to rebound at prices above USD50, will keep prices below that level until a supply deficit has eroded some of the inventory overhang.
We have therefore left our 2017 and 2018 price assumptions unchanged at USD45 and USD55 respectively. Our long-term expectations for both Brent and WTI are unchanged at USD65, reflecting our view on the long-run marginal cost of supply.
Our natural gas expectations have also changed, with price assumptions for US Henry Hub rising and UK National Balancing Point (NBP) falling. In the US, the market has begun to work through the excess inventory build-up associated with last year's El Nino winter. Slower production growth in key shale plays has also helped. For NBP, increased US gas exports have contributed to a medium-term LNG glut, which we expect to put pressure on international spot prices.
Our Henry Hub price assumptions are USD2.35/mcf in 2016, rising to USD2.75 in 2017, USD3.00 in 2018 and USD3.25 in the long term. For NBP we assume a price of USD5.00/mcf for 2016, USD5.50 in 2017, USD6.00 in 2018 and USD6.50 in the long term.
Source: Fitch Ratings
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Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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