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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
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