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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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Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
Thursday, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
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- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
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