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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, 27 July 17
A VOLATILE WEEK IN THE CAPE MARKET - FEARNLEYS
Supramax
The black sea still performing well although bit fewer fixtures concluded/reported. Rates lie somewhere around 18 -19 on front-haul . Bo ...
Wednesday, 26 July 17
SHIPPIPNG MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
After an admittedly challenging 2016, the Dry Bulk market kicked off this year on a much more positive note, with all indices steadily increasing u ...
Monday, 24 July 17
THE FREIGHT MARKET ROSE THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI and Cape indexes show a positive trend week over week.
...
Friday, 21 July 17
ESTIMATED WEEKLY U.S. COAL PRODUCTION TOTALED APPROXIMATELY 15.3 MMST; UP 13.5% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tonn ...
Thursday, 20 July 17
SUPRAMAX: INDO COAL ROUNDS ARE TRADING AROUND MID/HIGH $11K WITH SINGAPORE DELIVERY - FEARNLEYS
Supramax
A positive week again in the Pacific with rates moving upwards.
According to Fearnleys Weekly Dry bulk report, Nopac rounds are pay ...
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Showing 1996 to 2000 news of total 6871 |
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- Deloitte Consulting - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
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