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Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
 In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the cartel’s plan to manipulate the oil price, money managers’ positions reverse and finally, USA versus Iran! Stay tuned to find out more about the intriguing action taking place in the oil market.
Goliath. When the first production cut agreement was agreed by OPEC oil producers last November, WTI crude surged 12% within a trading week noting its biggest gains in 6 years. On the contrary, the agreement during last week’s meeting in Vienna, to extend the cut for another nine months failed to cause a rally in oil prices. Instead, both WTI and the global benchmark Brent slid on the 25th of May signaling not only that the extension was already priced in the commodity’s price but also further pessimism from the investing community. It seems that the mighty cartel will need more than announcements to meet its target price of $60/bbl. But guess who does stand in its way.
David. That’s correct. US shale oil producers have more than doubled their operating rigs from the previous year’s lowest point. Amid the highest production levels since August 2015, inventories hitting record numbers on March 2017 and new technologies that allow for a lower breakeven point in operating expenses, shale producers did not stay idle. But what is probably the best countermeasure that they took lies in the financial markets. Taking advantage of the price rally that occurred from announcements that the cartel traditionally uses to stimulate the market, they hedged their physical positions when the oil price has hit more than $50/bbl, a point assuring them profitability. So effectively, OPEC’s strategy proved somewhat unsuccessful as it helped save the sector it originally tried to eliminate!
Big Short. Another notable player sitting in the oil market’s table is smart money. Money managers’ positions demonstrate a rather bearish picture as bets against oil in both futures and options markets hit record highs. Moreover, consecutive cuts in net-long positions in WTI and Brent holdings, further ascertains that hedge funds are no longer overinvested in the oil market. I know what you are thinking. Rallies in oil price did happen. Well, they sure did; nevertheless, somewhere between behavioral sentiment, purely short-term technical trading and covering of short positions none of these rallies have proved to be a persistent upward trend.
Uncle Sam. Despite Iran’s compliance with the terms of the nuclear deal, possibility that current US government will not proceed to lift sanctions just yet is still hovering around. This way, prices for domestic crude as well as North Sea’s Brent will most probably be boosted. In regards though to the oil-derived shipping market, less production in the Middle-East region may suggest a substitution with Nigerian crude, which results in more ton-miles of transportation as major importers are located in the Far East. However, this reduction in heavier crude production suggests that refineries will produce less fuel oil in favor of higher distillate products potentially affecting this way the trading patterns between the dirty and clean tanker market segments. So, as you may have guessed, the impact that president Trump’s policies will have on trump shipping is not easy to assess.
So, what have we learnt so far? Well, if price stability and sustainable growth of the market is the focus, then OPEC’s best option could be adjusting its strategy instead of expecting global demand to pick up. Otherwise, if its influence is not so strong anymore, maybe -and this is just a thought- it needs to look west for some new allies.
By Konstantinos Kakavitsas
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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Showing 2046 to 2050 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Planning Commission, India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- The University of Queensland
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- PTC India Limited - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
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