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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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Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, 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 ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
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