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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Latin American Coal - Colombia
- ASAPP Information Group - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
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