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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
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