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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, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Minerals Council of Australia
- The University of Queensland
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
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