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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
 Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow any further price increases.
We assume Brent and WTI will average USD42 a barrel in 2016, up from our USD35/bbl base case in February. The increase follows evidence that the market will come into balance in the second half of 2016, which has already been reflected in a year-to-date average price of USD41/40 for Brent/WTI.
However, we do not believe that the rapid price recovery seen in the first half of 2016 will continue. The sub-USD30 prices at the start of the year approached cash costs for many producers and were unsustainable in all but the very short term. Prices in the USD40-USD50 range allow most producers to break even on a cash basis, if not to cover sunk costs.
We believe that record high inventories - OECD stocks are still more than 10% higher than normal - and market expectations that US shale production will begin to rebound at prices above USD50, will keep prices below that level until a supply deficit has eroded some of the inventory overhang.
We have therefore left our 2017 and 2018 price assumptions unchanged at USD45 and USD55 respectively. Our long-term expectations for both Brent and WTI are unchanged at USD65, reflecting our view on the long-run marginal cost of supply.
Our natural gas expectations have also changed, with price assumptions for US Henry Hub rising and UK National Balancing Point (NBP) falling. In the US, the market has begun to work through the excess inventory build-up associated with last year's El Nino winter. Slower production growth in key shale plays has also helped. For NBP, increased US gas exports have contributed to a medium-term LNG glut, which we expect to put pressure on international spot prices.
Our Henry Hub price assumptions are USD2.35/mcf in 2016, rising to USD2.75 in 2017, USD3.00 in 2018 and USD3.25 in the long term. For NBP we assume a price of USD5.00/mcf for 2016, USD5.50 in 2017, USD6.00 in 2018 and USD6.50 in the long term.
Source: Fitch Ratings
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Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Australian Coal Association
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
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