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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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Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
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