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Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
 On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together producers and consumers to discuss the present energy market conditions. After the closing of the IEF conference, OPEC Ministers held informal talks in an effort to cut a deal that would either freeze or reduce oil supply in pursuit of more stabilized markets and elevated oil prices. The current output OPEC members is more than 33.2 million barrels a day and inventories will grow even higher if no action is taken. It has been argued that oil production needs to be reduced by 1 million barrels a day so that the market rebalances. Likewise, Algeria’s energy minister reasoned that “oil has sufficiently fluctuated on speculation that OPEC and Russia will agree to support oil prices in the midst of oversupply”.
The question that arises is if OPEC members can do the impossible, which for most seems like having a mountain to climb. As discussed, one of the reasons that oil prices are low is due to the oversupplied market with members having had no success in negotiating production cutbacks so far. Major producers, driven by Saudi Arabia have been pumping at near record levels over the last two years, trying to maintain their market share by squeezing out higher cost producers such as the U.S and Canada. Consequently, since 2014 oil prices have dropped by 60% and U.S. production has diminished. The income of nations such as Nigeria, Saudi Arabia and Russia depends on their exports and low prices have proven to be troublesome. Furthermore, consenting to production freeze at current levels may seem a fair compromise but not a promising solution. IEA forecasts that global oil surplus will last well into 2017 as demand grows at a slower pace than previously foreseen, particularly in Asia. Meanwhile, not only OPEC members output is at record levels but Russia is also producing close to its maximum capacity, while Libya and Nigeria indicate they want to raise their output for the rest of this year.
Moreover, Iran's full on return earlier this year further affected the market, as the country has been continuously increasing its oil output in an effort to once more claim its place as one of the world's top oil exporters. In any case, Saudi Arabia won’t wish for Iran to expand its production while the country itself is cutting back as that would mean handing over market share to its main regional competitor. It was recently reported that Saudi Arabia may agree to decrease production if only Iran acknowledges freezing its output level. Either way, once OPEC members come to an agreement they won’t want prices to go higher than $55-60 per barrel as they will risk helping higher cost competitors, such as shale oil producers, to get back in the game.
Inevitably, the equilibrium point is fragile for leading oil producers to achieve. On one side, a greedy stance to accomplish higher prices will give the leeway to higher cost producers to step in and on the other side a conservative attitude to defend their market share, flirts with the risk of operating at a loss. The global oil market has faced numerous difficulties, deriving essentially from excess supply. Oil-exporting countries and companies’ profits have deteriorated, increasing their budget deficits and crippling their economy. Additionally, those low prices inevitably lead to layoffs and reductions in new venture spending. But even with all these negative effects, the scenario in which the stagnation of oil major oil producers eventually leads to demand exceeding supply and leads to higher prices is a bit off. So IT IS really down to OPEC’s joined action despite many believing that the organization can’t do much these days.
By 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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
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- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
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