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Wednesday, 15 November 17
MARKET INSIGHT - LINOS KOGEVINAS
 For another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major factors affecting the commodity price as a whole.
Brent price closed yesterday at $62.90 down from 64.65 last week, which was the highest level reached since June 2015.
Efforts by OPEC and Russia to cut output by the on-going policy, which is already expected to extend throughout the first quarter of next year as well, have curbed excess supply in an effort to prop up the commodity price and seek and end to the global supply glut which has sent prices plummeting over the past two years.
OPEC has also continually revised its global demand outlook upward since July, noting an expected increase to 33.42m barrels next year. OPEC and other producers will meet again on the 30th of November in Vienna and are expected to agree to a further extension of production possibly for another 9 months up until the end of 2018.
The recent wave of arrests in Saudi Arabia has been touted as a corruption purge. However, seeing as this is also an empowering move for Mohammed bin Salman who has been an outspoken supporter of OPEC’s production cuts past 2018, it further increases the chance of these cuts being extended further.
However, these efforts are being undermined by a 12-month continual increase in US shale oil which has been triggered by the increased price. US Shale production is set to further increase in December by approx. 80,000 barrels, with the US rig number increasing quickly during the past months. Reports have been actually confirming another nine rigs added during the past days, which brings up the total number up to 738 rigs, an increase in excess of 60% compared to twelve months back.
While global stocks are falling for the first time since 2013, we won’t be surprised to see the increase in US and other supplies halting this decline within next year and together also halt the upward path the price of the commodity has followed in the past months.
One of the wild cards to keep an eye on is Venezuela which has been facing various issues in repaying its massive debts. Following a $1.1bn payment on state-oil company PDVSA’s issued bond last week, President Nicolas Maduro announced that this would be the final time it paid its creditors fully and that his intent is to seek a restructuring regarding future debt payments, which is putting Venezuela’s ability to pay its debts altogether into question.
Formally defaulting, could quite conceivably put further stress on the country’s oil output and therefore on the commodity price. Venezuela’s oil production has already been under considerable pressure in the past year, with October marking its lowest production in 28 years, at 1,863m barrels per day.
The aforementioned issues place oil prices in a tenuous, unstable situation. With caution regarding the rising US production, which could possibly result in a price correction, expectations for next year should perhaps be less bullish than what they currently are.
By Linos Kogevinas
Commercial Executive - Cotzias Intermodal Shipping
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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Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
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- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Planning Commission, India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
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