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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, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
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- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Minerals Council of Australia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Australian Coal Association
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
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