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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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Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
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- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
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