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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 International Energy Agency, the US will overtake Russia as the world’s #1 crude oil producer by next year, having surpassed 10m bpd in late 2017 and slated to surpass 11m bpd by the end of 2018.
Over the past two years US shale oil companies have managed to become more efficient, optimizing production processes and utilizing new technologies and practices at lower costs. This is attributed in part to technological breakthroughs on the drilling side; Break-even points for US production have been driven substantially downward. It remains to be seen if this increase will be sustainable but at this point most pundits do not see production peaking before 2020.
The booming production has of course unnerved other producers and oil markets globally and comes at a time when other producers have voluntarily capped their own production in order to prop up prices. During 2017, we witnessed the spike in prices due to OPEC production cuts with prices steadily correcting upwards since November 2016. Oil is currently trading in the low $60s, after peaking at a 3-year high of ~$66pb.
OPEC and its allied producers are seeing their market shares eroded by the increasing US production. At the same time, US oil imports are also dropping, further shrinking profits from OPEC established markets. With this in mind, it will be very interesting to see how the commodity price will fare under these new conditions.
US shale production will be extremely important to watch over the next 5 years. It is almost certain that production will continue to grow in the next years. However, a number of factors will determine if this growth will be sustainable long term and how the market will balance itself under a future -potentially different- status quo.
On the tanker side a growing US production is good news as exports from the country could be offering more and more support to rates in the future as apart from Europe and Latin America, the long haul trips to the Far East and particularly to China is gaining increasing momentum. Thomson Reuters data reveals that US shipments specifically to China that were non-existent prior to 2016 have now reached a new record of around 2.01 million metric tonnes or 474,450 barrels/day during last month. Sinopec, the biggest oil refiner in China, expects to import 10 million metric tonnes of crude oil from the US during 2018. As the production cap from OPEC and Russia continues, the fairly new and quickly increasing flow of the commodity from the US to S. Korea, Japan and China is definitely something to watch out for.
Additionally as a growing US production will almost certainly keep undermining OPECs efforts to boost oil prices, this means that the price of the commodity will keep moving – at least for the short to medium term- within a specific range that is still considered attractive for consuming countries maybe not compared to early 2016 levels but certainly when compared to mid-2014 levels of around $ 100/barrel.
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, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
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Showing 1776 to 1780 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
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