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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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Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
Monday, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
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- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- The University of Queensland
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
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