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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, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
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- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
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