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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, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
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- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
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