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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Planning Commission, India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
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