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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Planning Commission, India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
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