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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, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
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Showing 2316 to 2320 news of total 6871 |
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- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
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