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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, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
Thursday, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
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- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Australian Coal Association
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
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