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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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Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
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 produ ...
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- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
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