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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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Friday, 02 March 18
ANGLO AMERICAN COMPLETES SALE OF ESKOM-TIED THERMAL COAL OPERATIONS IN SOUTH AFRICA
Anglo American plc (“Anglo American”) confirms completion of the sale of its Eskom-tied domestic thermal coal operations in South Afric ...
Friday, 02 March 18
MORE COAL INQUIRES FROM SOUTH AFRICA TO INDIA; SUPRAS FIXED CA $12K + BB - FEARNLEYS
Supramax
Better rates in Atlantic, but not too busy market just yet.
Black Sea catched improving rates for grain cargoes, where supras to Eg ...
Friday, 02 March 18
U.S. WEEKLY COAL PRODUCTION DOWN 2.7 PER CENT W/E 24 FEB, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Wednesday, 28 February 18
INDIA: TEPID COAL TRAFFIC TO HIT VOLUME GROWTH AT PORTS TILL 2022 - PTI
Cargo growth at the country’s major ports is all set to moderate to 3-5 per cent per annum over the next five years due to the “sedate ...
Wednesday, 28 February 18
MARKET INSIGHT - LINOS KOGEVINAS
US Shale production continues to grow rapidly, hitting new records and with projections being revised upwardly at every turn. According to the Inte ...
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- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- MS Steel International - UAE
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
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