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Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well as newly established oil tanker routes, which came as a result of the booming US oil production. In its latest monthly outlook, shipbroker Intermodal, noted that the continuously softening price of oil has been monopolizing head-lines for a while now, a very short period of less than five months, the price of the commodity has been slashed. The benchmark price of Brent has moved from $110 per barrel in the beggining of July $80 per barrel a couple of days ago, a sharp decline of more than 27% and a level last visited in September 2010.
In its analysis, Eva Tzima, Intermodal’s Research Analyst said that “the price of the loyal servant of energy which has been steadily climbing post the end of the Lehman market shock, has been a key driver of developments across the globe. Amidst a high priced oil environment other energy sources have started to steadily gain popularity and eventually a bigger share in the energy market. So what has pushed the price of oil down and most importantly how sustainable this new environment might be? The US shale oil revolution has come at a time when global growth prospects are ailing and the role of central banks remains vital in safeguarding the journey to economic recovery.As shale oil production started to account for a big share in the US market through, the US has significantly reduced its imports from OPEC countries exerting significant pressure especially on South American and West African oil exports. As expected, the increasing US output that reached its highest level in almost 30 years, has added to the global oil supply glut that was already being built up by the growth slowdown of economies in the likes of China and Europe and their consequent lesser demand for oil”, she said.
According to Tzima, “as excess supply started putting pressure on the price of oil lately, most were expecting OPEC producers to start curbing their supply in an effort to support prices. Instead, in the beggining of last month, Saudi Aramco, Saudi Arabia’s state-run producer and the world;s dominant exporter, didn’t meddle with its exports volume at all but moved ahead with cutting prices for all exports. Such decision is logically identified by most analysts as an effort by the Saudis to defend their global market share no matter what the cost is at this stage and it seems that so far this working. Asian oil demand has already increased, with Far East importing countries being lured back to higher import levels, helping crude carriers benefit not only from lower bunker prices but also from increase Eastbound demand. Most notably, and despite the fact that oil demand in China has been weakening throughout the year, the country’s import have started picking up significantly since mid-summer, roughly around the same time that oil prices started to slide. China started taking advantage of the current low price environment by quickly accelerating its imports in the 3-month period of July-September with the purpose to reinforce its strategic reserves”.
Intermodal’s analysts added that “at the same time, talks of US oil export ban being lifted seems to be warming up again. The incoming head of the Senate Energy Committee, Republican Senator Lisa Murkowski, who has been a big supporter of relaxing the ban, will be able to continue doing so in a more favorable environment following the recent win of Republicans in the control of the Senate. Although nobody believes that the 40-year ban could be easily relaxed, Senator Murkowski’s rising to this position comes at a timing that could only add pressure on overall sentiment for oil prices globally. With OPEC talking no stance to support oil prices and the US shale oil production resuming at current levels, it seems that we are heading for lower price of oil in the short term, but whether this can become the new normal, I would think ”Not so fast..”The reality is that US shale oil producers need oil prices to remain at levels that won’t squeeze their own margins in order for their production to remain competitive, while at the same time, economies like that of Russia will be hardly hit of oil prices keep sliding for a prolonged period. The same holds for other OPEC members that will eventually put pressure on the Saudis to act in order to stabilize prices. So let’s just enjoy cheap oil for now, because this might not be a case of ”last man standing” between oil producers after all, but only case of just shuffling the deck”, Tzima concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
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- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
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- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
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