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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, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Monday, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
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- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
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