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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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Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
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- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
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- Indika Energy - Indonesia
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- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
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- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
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- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
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- Planning Commission, India
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- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
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- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
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- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
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- The State Trading Corporation of India Ltd
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- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
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- Salva Resources Pvt Ltd - India
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- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- White Energy Company Limited
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
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- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
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