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Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
 Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made a splash with a catchy beat and a noticeable video clip reaching the top of the charts. The oil market on the other hand, may attract attention however, whether it will head for higher or lower levels remains very uncertain.
As far as the performance of the crude oil price is concerned, the signals we are getting are so far mixed, with discouraging fundamentals and optimistic headlines equally affecting prices. Both OPEC and Non-OPEC countries have agreed a production cut as a way to deal with the global oil glut and low prices, which resulted in the Brent blend rallying from $46/bbl to a peak of $57/bbl on 6th January, while it’s currently trading around $55/bbl. So far, so good for the big boys of oil but what about the long-term sustainability of these higher price levels?
Russia’s production reached record highs in December and the second-biggest oil producer seemed very happy at this year’s World Economic Forum not only due to their large oil-driven revenues so far, but also due to positive expectations deriving from the new US president who suggests to ease or even remove sanctions imposed on Russia. Even though Russia’s production plays a significant role, the bigger determinant leading to the persistence of the glut could be US shale oil producers. With notably more operating costs and thus a higher breakeven than other oil extractors, most of shale drillers had shut-down production during lower prices only to come back into profitable business at current levels. Finally, taking into consideration the fact that the US dollar has strengthened, hitting a 14-year high during December, pressure for lower price levels grow stronger.
Keeping this insight melodic, you might recall the lyrics of another popular song of the 90s; “Hello, hello, hello, how low?”. Could this be the tune for the tanker market in 2017? The dominant common factor for both the dirty and clean market is the large number of newbuilding deliveries that could potentially lead to lower freight rates. Saying that, as in the short-run tonnage supply will not significantly change; demand is expected to primarily drive the market in the following months. In the dirty sector, lower oil prices may drive demand for ships higher however; those already excessive inventories could be an obstacle to such rally. The outlook for product tankers falls no further from the mixed-signal environment the dirty market operates in, with the LR market seeing a record-high in vessel deliveries. Greater diversification with respect to trade routes and cargoes, especially in the MR market allow for wider range projections; still forecasts for demand growth for petroleum products making any prediction for the freight market challenging.
In conclusion, well, is there any yet? Amidst mixed fundamentals it would be careless to prematurely jump to any conclusions, as market sentiment has proved to be not only an unpredictable factor but also an influential one. Under the current state of uncertainty, it is still unclear whether the bears will prevail or the bulls will be justified and thus the only safe conclusion that can be reached is nicely summed-up in the title of another pop music hit called “Blank Space”.
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Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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