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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, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
Monday, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
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- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
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