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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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Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
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- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
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