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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, 31 July 17
KOMIPO INVITES BIDS FOR 750K MT OF 5,700 KCAL/KG NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 750,000 Metric Tons of Bituminous coal for its B ...
Monday, 31 July 17
THE PORT OF NEWCASTLE SHIPPED 17.08 PERCENT LESS COAL IN JUNE 2017 COMPARED TO ITS MAY LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,442.8 ...
Monday, 31 July 17
THE FREIGHT MARKET DECLINE THIS PAST WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Panamax indexes show a negative trend week over w ...
Friday, 28 July 17
U.S. WEEKLY COAL PRODUCTION UP 1.4% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 27 July 17
CAMPBELL SHIPPING APPOINTS ISS FOR GLOBAL HUSBANDRY REPRESENTATION SERVICES CONTRACT - ISS
COALspot.com: Inchcape Shipping Services (ISS) is delighted to announce that it has secured a global husbandry representation contract with Campbel ...
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Showing 1991 to 1995 news of total 6871 |
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- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
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