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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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Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
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