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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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Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- ASAPP Information Group - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
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