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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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- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
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