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