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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
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