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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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Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
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- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- The University of Queensland
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
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