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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
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