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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Bhatia International Limited - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Deloitte Consulting - India
- White Energy Company Limited
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- PTC India Limited - India
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