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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
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