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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, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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