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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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Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
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