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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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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- The University of Queensland
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
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