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Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
 In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. Following a number of unsuccessful efforts by OPEC and non-OPEC members to limit production during the past year, the group is meeting again this coming Thursday in Vienna in order to discuss future production policy. However, there are doubts concerning the likelihood of any such potential agreement taking shape this time round either.
With oil having gained about a third since January 2016, some of the pressure on OPEC members should have been alleviated. This is just as well since, with Iran firmly resisting OPEC’s prompts to limit production and pumping at pre-sanction levels ,(Production: 3.56mb/day, exports: 600kà2mb/day) there is little, if any, hope in them coming to an agreement with the other members. While at least 8 members would conceivably support a production cut, it is the players controlling the larger parts of the market share that will have the final say in any policy change.
At the same time, Saudi Arabia is continuing the path set out in November 2014 and is seemingly moving towards a less oil-centric economy under the recently announced Saudi Vision 2030 plan. The recent replacement of Ali Al-Naimi is a step in the same direction. With the recent hike in prices, Saudi Arabia has few reasons to consider a change in a policy that has been instrumental in squeezing out higher-cost producers. Under a scenario like today’s, Saudi Arabia may well accept lower oil prices as it would minimize the opportunity cost of diversifying away from oil. It is difficult to imagine the Saudis veering away from their established strategy. Similarly, Iraq has also boosted production by 40% since 2014 and is exporting at near-record levels.
The smaller OPEC members are divided in their support based on how their economies have been affected by the oil price drop. Countries such as Algeria, Ecuador and Venezuela whose economies are dependent on high oil prices are calling for a production freeze, while others such as Indonesia and Kuwait have instead declared their intention to increase production significantly.
The effect of the price hike on US producers is worth noting. The $50 barrier was perceived by the market as a level around which a number of US producers would consider restarting their rigs, something that did happen last year during a similar increase from $50 to ~$60. However, the increase was not sustainable then and it is reasonable to assume that US producers will be wearier to restart production now.
All in all, there are few expectations for any meaningful change in policy after Thursday’s meeting, with most analysts seeing no incentive for the stronger OPEC members to cooperate or converge on their policies. While an output freeze a few months ago had started to appear like a potential outcome, the increase in prices in the meantime along with the hardening of the Saudi and Iranian stances has severely reduced the chances of such a development. As seen during the past two years, shipping can, especially during a weaker market, be greatly affected by changes in oil prices. Let’s not forget how the commodity’s price performance took everyone by surprise back in 2014 and let’s hope that whatever the oil market developments in the following months, the positive momentum of this period remains in effect.
By Linos Kogevinas
Marketing—Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
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, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
Wednesday, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
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- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
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