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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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Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
Monday, 21 August 17
FIRM DEMAND FOR CAPES CONTINUE TO SUPPORT DRY BULK SHIPPING
COALspot.com: The freight market was continued to rose this past week compared to the previous weeks, as BDI, Cape and Panamax indexes show a posit ...
Friday, 18 August 17
U.S. WEEKLY COAL OUTPUT UP 2.1% WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 17 August 17
DESPITE A HOLIDAY-DISRUPTED WEEK IT HAS BEEN A NEW ACTIVE WEEK FOR THE PANAMAXES - FEARNLEYS
Supramax
A very quiet start to the week with holidays in several countries. USG still bringing good results supported by a tight tonnage availabl ...
Monday, 14 August 17
CENTURIES ON, AND DRY BULK STILL RULES THE WAVES... - SARAH HOLDEN | CLARKSONS
By the late 1800s, the shipping industry had been transformed by the introduction of steam power and iron ships. Coal and grain were two of the mos ...
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Showing 1966 to 1970 news of total 6871 |
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- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
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