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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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- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- The University of Queensland
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
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