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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, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
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- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
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