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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
 Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Arabia yielded statements signaling that a potential agreement to limit crude output is a possibility. According to Vladimir Putin “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join”. At the same time, Algeria has also called for similar measures to be taken by non-OPEC members. Following these events, and amidst speculation regarding the firming possibility of a Clinton presidency next month, oil surged to its highest levels this year, with the Brent futures reaching USD 53.73 and finally closing at USD 53.14 on Monday.
While the expectation of a possible agreement played its part in driving the futures to higher levels, the upward trend was short-lived with Brent falling back to USD 52.84 this morning. Growing doubts regarding whether the proposed measures would be enough to compensate for two years of oversupply, especially considering the higher production figures coming out of Libya, Nigeria and Iraq, have reigned in the index.
The strained relationship between OPEC members is also a concern, especially when it comes to Iran which, with its recent re-entry into the market, is looking to regain lost market share by increasing production. This comes into direct opposition with Saudi Arabia who has been adamant regarding Iran’s commitment to any such future agreement.
Furthermore, Iraq has also been looking at growing production next year and has been one of the main opponents of an agreement. Goldman Sachs issued a statement to clients regarding the increased possibility of a production cut deal but also stressing that markets are unlikely to rebalance within the year.
Saudi Arabia’s Energy Minister Khalid al-Falih expressed his confidence that a deal would be reached by November. However, he further stressed the need to tread carefully and responsibly in order to not shock the market too much. It is very much worth noting that a potential large increase in oil prices might allow high-cost exporters (such as US shale exporters for whom current prices are unprofitable) to resume production starting the cycle all over again. On the other hand, in case a deal is unattainable, it is quite likely that we will see levels towards the low-40s once again.
These events have also been felt in the tanker market. Nigerian and Brazilian outputs specifically have helped to stop the recent decline in tanker rates. With Nigerian volumes back up to around 1.8mb/d, we have seen firmer Suezmax and VL rates (at 22k/d and 40k/d respectively). Brazil's output reached 2.6mb/d in August and is on a steady climb, which is expected to last until 2025. As internal demand has declined, exports have risen with approximately 40% of Brazil crude heading to China. Despite the adverse effect oversupply has had on prices and even though demand matching supply is rather questionable at the current state of the market, it has still offered more business for tankers and, as such, higher prices for oil won’t increase demand for it.
All in all, we will have to wait until the November official OPEC meetings for further firm developments. Given the general feeling of uncertainty and multitude of market-affecting variables in play at the moment, however, any sort of long-lasting stability seems rather farfetched.
By Linos Kogevinas
Marketing—Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Planning Commission, India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
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