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