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