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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
 Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Arabia yielded statements signaling that a potential agreement to limit crude output is a possibility. According to Vladimir Putin “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join”. At the same time, Algeria has also called for similar measures to be taken by non-OPEC members. Following these events, and amidst speculation regarding the firming possibility of a Clinton presidency next month, oil surged to its highest levels this year, with the Brent futures reaching USD 53.73 and finally closing at USD 53.14 on Monday.
While the expectation of a possible agreement played its part in driving the futures to higher levels, the upward trend was short-lived with Brent falling back to USD 52.84 this morning. Growing doubts regarding whether the proposed measures would be enough to compensate for two years of oversupply, especially considering the higher production figures coming out of Libya, Nigeria and Iraq, have reigned in the index.
The strained relationship between OPEC members is also a concern, especially when it comes to Iran which, with its recent re-entry into the market, is looking to regain lost market share by increasing production. This comes into direct opposition with Saudi Arabia who has been adamant regarding Iran’s commitment to any such future agreement.
Furthermore, Iraq has also been looking at growing production next year and has been one of the main opponents of an agreement. Goldman Sachs issued a statement to clients regarding the increased possibility of a production cut deal but also stressing that markets are unlikely to rebalance within the year.
Saudi Arabia’s Energy Minister Khalid al-Falih expressed his confidence that a deal would be reached by November. However, he further stressed the need to tread carefully and responsibly in order to not shock the market too much. It is very much worth noting that a potential large increase in oil prices might allow high-cost exporters (such as US shale exporters for whom current prices are unprofitable) to resume production starting the cycle all over again. On the other hand, in case a deal is unattainable, it is quite likely that we will see levels towards the low-40s once again.
These events have also been felt in the tanker market. Nigerian and Brazilian outputs specifically have helped to stop the recent decline in tanker rates. With Nigerian volumes back up to around 1.8mb/d, we have seen firmer Suezmax and VL rates (at 22k/d and 40k/d respectively). Brazil's output reached 2.6mb/d in August and is on a steady climb, which is expected to last until 2025. As internal demand has declined, exports have risen with approximately 40% of Brazil crude heading to China. Despite the adverse effect oversupply has had on prices and even though demand matching supply is rather questionable at the current state of the market, it has still offered more business for tankers and, as such, higher prices for oil won’t increase demand for it.
All in all, we will have to wait until the November official OPEC meetings for further firm developments. Given the general feeling of uncertainty and multitude of market-affecting variables in play at the moment, however, any sort of long-lasting stability seems rather farfetched.
By Linos Kogevinas
Marketing—Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
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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- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Deloitte Consulting - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
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