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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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Thursday, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
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Showing 2316 to 2320 news of total 6871 |
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- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- The University of Queensland
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
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