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Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
 On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together producers and consumers to discuss the present energy market conditions. After the closing of the IEF conference, OPEC Ministers held informal talks in an effort to cut a deal that would either freeze or reduce oil supply in pursuit of more stabilized markets and elevated oil prices. The current output OPEC members is more than 33.2 million barrels a day and inventories will grow even higher if no action is taken. It has been argued that oil production needs to be reduced by 1 million barrels a day so that the market rebalances. Likewise, Algeria’s energy minister reasoned that “oil has sufficiently fluctuated on speculation that OPEC and Russia will agree to support oil prices in the midst of oversupply”.
The question that arises is if OPEC members can do the impossible, which for most seems like having a mountain to climb. As discussed, one of the reasons that oil prices are low is due to the oversupplied market with members having had no success in negotiating production cutbacks so far. Major producers, driven by Saudi Arabia have been pumping at near record levels over the last two years, trying to maintain their market share by squeezing out higher cost producers such as the U.S and Canada. Consequently, since 2014 oil prices have dropped by 60% and U.S. production has diminished. The income of nations such as Nigeria, Saudi Arabia and Russia depends on their exports and low prices have proven to be troublesome. Furthermore, consenting to production freeze at current levels may seem a fair compromise but not a promising solution. IEA forecasts that global oil surplus will last well into 2017 as demand grows at a slower pace than previously foreseen, particularly in Asia. Meanwhile, not only OPEC members output is at record levels but Russia is also producing close to its maximum capacity, while Libya and Nigeria indicate they want to raise their output for the rest of this year.
Moreover, Iran's full on return earlier this year further affected the market, as the country has been continuously increasing its oil output in an effort to once more claim its place as one of the world's top oil exporters. In any case, Saudi Arabia won’t wish for Iran to expand its production while the country itself is cutting back as that would mean handing over market share to its main regional competitor. It was recently reported that Saudi Arabia may agree to decrease production if only Iran acknowledges freezing its output level. Either way, once OPEC members come to an agreement they won’t want prices to go higher than $55-60 per barrel as they will risk helping higher cost competitors, such as shale oil producers, to get back in the game.
Inevitably, the equilibrium point is fragile for leading oil producers to achieve. On one side, a greedy stance to accomplish higher prices will give the leeway to higher cost producers to step in and on the other side a conservative attitude to defend their market share, flirts with the risk of operating at a loss. The global oil market has faced numerous difficulties, deriving essentially from excess supply. Oil-exporting countries and companies’ profits have deteriorated, increasing their budget deficits and crippling their economy. Additionally, those low prices inevitably lead to layoffs and reductions in new venture spending. But even with all these negative effects, the scenario in which the stagnation of oil major oil producers eventually leads to demand exceeding supply and leads to higher prices is a bit off. So IT IS really down to OPEC’s joined action despite many believing that the organization can’t do much these days.
By Katerina Restis
Tanker Chartering
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, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
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- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- The University of Queensland
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
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