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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, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
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