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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, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
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- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
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