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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- Aditya Birla Group - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
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