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