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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, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
Monday, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
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, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
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- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
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