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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Planning Commission, India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
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