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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
 Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The current production cut schedule prior to OPECs meeting this past week, was supposed to last until March 2018, however it has come to light that it will now be extended until the end of 2018, in an attempt to prop up prices as many of OPEC’s members continue to feel strain from the low earnings generated by crude oil sales said Gerry Lathrop, Research Analyst at Allied shipping.
Gerry Lathrop further noted, what’s more is that Saudi Arabia, OPEC leading member, has to deal with ARAMCO’s planned IPO in 2018, which could greatly benefit from the higher crude oil prices. At the same time and in order for the Saudi Government to meet their government budget requirements and reduce their reliance on their cash reserves, are looking at a price target of around US$ 60 per barrel. This is contrary to Russia’s stance who would prefer oil prices to remain lower, and apparently would prefer a target of US$ 40 per barrel at the off chance that higher prices cause the US’s shale oil producers to head to the fields again. In addition to this, OPEC members Libya and Nigeria, who were previously exempt from production cuts, have now agreed to also cap production at their 2017 levels.
This of course can have a profound effect on the shipping side, where the mere talks of a production cut has oil traders rushing to their desks to close their next deal. In short, if oil prices start to show a trend of further price gains, oil traders and refiners will rush to book cargoes, so they can price their end products on competitive level and possibly benefit from a better profit margin, increasing demand in the crude market in the very short-term. In the long-term, if the price of oil also goes up, it is likely to dampen overall demand and cause a potential slowdown in trade. This negative effect however tends to be limited given that crude oil has fairly inelastic demand.
According to Gerry Lathrop of Allied, on the non-OPEC side of things, crude oil production in the US has hit a new record production level of 9.7 million barrels per day on average for the week ending November 17th, according to statistics from the US EIA. Similarly, crude oil imports from Venezuela to the Louisiana Offshore Oil Platform (LOOP) for the period of January to November 2017 are around 7 million barrels, which is almost 3 times as much as what we were seeing during the same time frame last year (2.5 million bbls). The main reason for importing so much Venezuelan crude seems to be mainly due to the lack of availability of Saudi Arabian heavy/sour crude resulting from their production cuts. According to US customs data, imports from Saudi are down 45% from 75 million barrels to 42 million barrels for the same 10-month period. This has undoubtedly caused much of the softening in the crude tanker market of late by removing many ton miles from the market.
In any case, it will be interesting to see which direction the market will trend come June of next year, as the tug of war continues between Russia’s stance on lower crude prices and Saudi’s preference for higher prices. We will probably see the price fall somewhere in between these respective price targets during most of 2018, while if prices increases above Saudi’s US$ 60 per barrel, a relatively swift ramp up in US shale oil production should help quickly push things back down. This points to the main risk by both OPEC and Russia, with any further cost efficiencies achieved by US shale producers allowing them to capture a higher market share and even make these production cuts irrelevant to the overall market.
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Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
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Showing 1856 to 1860 news of total 6871 |
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- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Bhatia International Limited - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Thai Mozambique Logistica
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
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