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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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Monday, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Australian Coal Association
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
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