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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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- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
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