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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, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
Wednesday, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
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- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Central Electricity Authority - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- The University of Queensland
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
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