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Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
 In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the cartel’s plan to manipulate the oil price, money managers’ positions reverse and finally, USA versus Iran! Stay tuned to find out more about the intriguing action taking place in the oil market.
Goliath. When the first production cut agreement was agreed by OPEC oil producers last November, WTI crude surged 12% within a trading week noting its biggest gains in 6 years. On the contrary, the agreement during last week’s meeting in Vienna, to extend the cut for another nine months failed to cause a rally in oil prices. Instead, both WTI and the global benchmark Brent slid on the 25th of May signaling not only that the extension was already priced in the commodity’s price but also further pessimism from the investing community. It seems that the mighty cartel will need more than announcements to meet its target price of $60/bbl. But guess who does stand in its way.
David. That’s correct. US shale oil producers have more than doubled their operating rigs from the previous year’s lowest point. Amid the highest production levels since August 2015, inventories hitting record numbers on March 2017 and new technologies that allow for a lower breakeven point in operating expenses, shale producers did not stay idle. But what is probably the best countermeasure that they took lies in the financial markets. Taking advantage of the price rally that occurred from announcements that the cartel traditionally uses to stimulate the market, they hedged their physical positions when the oil price has hit more than $50/bbl, a point assuring them profitability. So effectively, OPEC’s strategy proved somewhat unsuccessful as it helped save the sector it originally tried to eliminate!
Big Short. Another notable player sitting in the oil market’s table is smart money. Money managers’ positions demonstrate a rather bearish picture as bets against oil in both futures and options markets hit record highs. Moreover, consecutive cuts in net-long positions in WTI and Brent holdings, further ascertains that hedge funds are no longer overinvested in the oil market. I know what you are thinking. Rallies in oil price did happen. Well, they sure did; nevertheless, somewhere between behavioral sentiment, purely short-term technical trading and covering of short positions none of these rallies have proved to be a persistent upward trend.
Uncle Sam. Despite Iran’s compliance with the terms of the nuclear deal, possibility that current US government will not proceed to lift sanctions just yet is still hovering around. This way, prices for domestic crude as well as North Sea’s Brent will most probably be boosted. In regards though to the oil-derived shipping market, less production in the Middle-East region may suggest a substitution with Nigerian crude, which results in more ton-miles of transportation as major importers are located in the Far East. However, this reduction in heavier crude production suggests that refineries will produce less fuel oil in favor of higher distillate products potentially affecting this way the trading patterns between the dirty and clean tanker market segments. So, as you may have guessed, the impact that president Trump’s policies will have on trump shipping is not easy to assess.
So, what have we learnt so far? Well, if price stability and sustainable growth of the market is the focus, then OPEC’s best option could be adjusting its strategy instead of expecting global demand to pick up. Otherwise, if its influence is not so strong anymore, maybe -and this is just a thought- it needs to look west for some new allies.
By Konstantinos Kakavitsas
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 17 October 17
SULPHUR 2020: COMING, READY OR NOT - ALIBRA SHIPPING
Some 70% of shipping companies surveyed say they do not believe the industry is ready for IMO’s 2020 deadline, when a global limit of 0.5% su ...
Tuesday, 17 October 17
U.S RECORD EXPORTS OIL TO EAST HAS HELPED THE TANKER TRADE - GEORGE LAZARIDIS
There was a flood of fresh news this week which clouded the overall prospects of the crude oil market. Just one week prior Saudi Arabia and Russia, ...
Monday, 16 October 17
INDONESIA TO INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Friday, 13 October 17
INDIKA ENERGY SIGNS SHARE PURCHASE AGREEMENTS FOR AN ADDITIONAL 45% STAKE IN KIDECO
PT Indika Energy Tbk. and its wholly-owned subsidiary PT Indika Inti Corpindo (collectively, “Indika Energy”) has entered into separate ...
Friday, 13 October 17
THE SHORT-TERM OUTLOOK FOR THE PANAMAX MARKET REMAIN POSITIVE - FEARNLEYS
Supramax
The market has picked up strongly since last week with the Chinese holidays. In the Pacific rates are increasing with some strong number ...
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Showing 1911 to 1915 news of total 6871 |
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- Agrawal Coal Company - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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