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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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- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
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