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Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
 OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we moved closer to the day of the meeting its seems that the oil bulls were running rampant, driving prices for crude to levels that top just above the US$ 50 per barrel mark, said Allied ship broker in its latest weekly report.
According to Allied weekly report, the great paradox however was to be seen just moments after the much anticipated announcement of a cut in production, at which point we started to see prices are off slowly as many started to slowly voice concerns as to the impact this agreement would really have on the market and more specifically if it would actually be able to alter the oil imbalance now faced.
The Allied’s George Lazaridis further said, the truth of the matter is that we were seeing record production figures up until recently and an only 6 percent cut in OPEC ’s contribution does not sound like a lot being done, especially given the increased capacities expected to continue to be seen out of Iran and Libya. At the same time, this decision comes at a point where U.S. shale producers have started to greater vigour and have managed to push their output even at this year ’s low crude oil prices. What’s stopping them from increasing production further to the extent of covering any gap left behind by OPEC members.
Allied research further noted that, all this has at the moment left few convinced that there will be a real turnaround in the market over the coming months. It is no surprise therefore that we hearing officials from Russia saying that they plan to stick to a budget that assumes oil averages at a price of around US$ 40 a barrel. That also seems to be the consensus amongst most major investment banks which see the commodity struggling to hold firmly at prices above that level for long periods of time. On top of all of this many even see the agreement amongst OPEC members as little more than “hot air”, voicing concerns as to its effectiveness given the fact that as an organization it has often failed to meet targets, especially those that related to curbing production output.
George Lazaridis , Head of Market Research & Asset Valuations of Allied says, it seems as though the “cat has been let out of the bag ” and it’s proving an ever more difficult case to get it back in. It has been more than 22 months since the original decision to fully open the production taps and producing nations have already shifted in some way or another in order to face the new reality this has brought along with it. It has also shown how the Saudis have under estimated the resilience of the high prices producers (and in particular that o f U.S. shale oil ) having managed to price cut out of the market only a small fraction. Let’s not forget that the main purpose of their original strategy was to gain market share and eliminate some of the competition in order to end up with bigger control over the market. The only production projects that have truly bee n hit by the drop in price s has been the deep water offshore projects, most o f which found the new price reality unbearable.
There is still a lot at play here, but for now, it looks as though we are still set to remain hovering around these most recent price levels for the medium term. For most in shipping this can be seen as good news, helping keep bunker costs on the lower end of the spectrum and all owing a healthier demand level for the transportation of crude oil for the large tanker. There are however some, notably those with the more modern eco-ships which would have hoped for slightly higher increases in oil prices, something that would surely help to make these more economical ships more competitive in the market and possibly even create a greater push for older vessels to be scrapped sooner rather than later said Allied a Piraeus based ship broker.
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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Australian Coal Association
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
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