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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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Thursday, 10 August 17
ANOTHER ACTIVE WEEK FOR THE PANAMAXES WITH INCREASING RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
Both basins have remained fairly flat, could say slightly to the negative. A quiet start of the week in the Pacific with holidays in Sin ...
Wednesday, 09 August 17
THE KEY IMPORTERS OF U.S. COAL FOR THE FIRST FIVE MONTHS OF 2017 ARE THE NETHERLANDS, INDIA AND JAPAN - PETER SAND, BIMCO
US seaborne coal exports have turned years of negative growth around and seem to be climbing for a third quarter in a row. The increase in total vo ...
Wednesday, 09 August 17
INDONESIAN COAL PRICE REFERENCE INCREASE COULD CONTINUE IN THE COMING MONTHS
COALspot.com: Indonesian coal benchmark price rose 6.36% in August, government data showed.
The benchmark price of Indonesian thermal ...
Wednesday, 09 August 17
COAL HAS GAINED AROUND 40% OVER THE PAST TWELVE MONTHS; IRON ORE HAS MOVED FROM AROUND $50/T IN AUGUST 2016 TO OVER $70/T TODAY - INTERMODAL
During the summer’s peak, and with the markets remaining relatively quiet, we can argue that most markets have built solid foundations to enj ...
Tuesday, 08 August 17
THE BULLISH RIDE CONTINUES ON FOR THE IRON ORE MARKET - GEORGE LAZARIDIS
The bullish ride continues on for the iron ore market, with most in the market now eyeing the possibility for further gains to be had as Chine ...
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Showing 1976 to 1980 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- The University of Queensland
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