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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 a splash with a catchy beat and a noticeable video clip reaching the top of the charts. The oil market on the other hand, may attract attention however, whether it will head for higher or lower levels remains very uncertain.
As far as the performance of the crude oil price is concerned, the signals we are getting are so far mixed, with discouraging fundamentals and optimistic headlines equally affecting prices. Both OPEC and Non-OPEC countries have agreed a production cut as a way to deal with the global oil glut and low prices, which resulted in the Brent blend rallying from $46/bbl to a peak of $57/bbl on 6th January, while it’s currently trading around $55/bbl. So far, so good for the big boys of oil but what about the long-term sustainability of these higher price levels?
Russia’s production reached record highs in December and the second-biggest oil producer seemed very happy at this year’s World Economic Forum not only due to their large oil-driven revenues so far, but also due to positive expectations deriving from the new US president who suggests to ease or even remove sanctions imposed on Russia. Even though Russia’s production plays a significant role, the bigger determinant leading to the persistence of the glut could be US shale oil producers. With notably more operating costs and thus a higher breakeven than other oil extractors, most of shale drillers had shut-down production during lower prices only to come back into profitable business at current levels. Finally, taking into consideration the fact that the US dollar has strengthened, hitting a 14-year high during December, pressure for lower price levels grow stronger.
Keeping this insight melodic, you might recall the lyrics of another popular song of the 90s; “Hello, hello, hello, how low?”. Could this be the tune for the tanker market in 2017? The dominant common factor for both the dirty and clean market is the large number of newbuilding deliveries that could potentially lead to lower freight rates. Saying that, as in the short-run tonnage supply will not significantly change; demand is expected to primarily drive the market in the following months. In the dirty sector, lower oil prices may drive demand for ships higher however; those already excessive inventories could be an obstacle to such rally. The outlook for product tankers falls no further from the mixed-signal environment the dirty market operates in, with the LR market seeing a record-high in vessel deliveries. Greater diversification with respect to trade routes and cargoes, especially in the MR market allow for wider range projections; still forecasts for demand growth for petroleum products making any prediction for the freight market challenging.
In conclusion, well, is there any yet? Amidst mixed fundamentals it would be careless to prematurely jump to any conclusions, as market sentiment has proved to be not only an unpredictable factor but also an influential one. Under the current state of uncertainty, it is still unclear whether the bears will prevail or the bulls will be justified and thus the only safe conclusion that can be reached is nicely summed-up in the title of another pop music hit called “Blank Space”.
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Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
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