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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
 Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The current production cut schedule prior to OPECs meeting this past week, was supposed to last until March 2018, however it has come to light that it will now be extended until the end of 2018, in an attempt to prop up prices as many of OPEC’s members continue to feel strain from the low earnings generated by crude oil sales said Gerry Lathrop, Research Analyst at Allied shipping.
Gerry Lathrop further noted, what’s more is that Saudi Arabia, OPEC leading member, has to deal with ARAMCO’s planned IPO in 2018, which could greatly benefit from the higher crude oil prices. At the same time and in order for the Saudi Government to meet their government budget requirements and reduce their reliance on their cash reserves, are looking at a price target of around US$ 60 per barrel. This is contrary to Russia’s stance who would prefer oil prices to remain lower, and apparently would prefer a target of US$ 40 per barrel at the off chance that higher prices cause the US’s shale oil producers to head to the fields again. In addition to this, OPEC members Libya and Nigeria, who were previously exempt from production cuts, have now agreed to also cap production at their 2017 levels.
This of course can have a profound effect on the shipping side, where the mere talks of a production cut has oil traders rushing to their desks to close their next deal. In short, if oil prices start to show a trend of further price gains, oil traders and refiners will rush to book cargoes, so they can price their end products on competitive level and possibly benefit from a better profit margin, increasing demand in the crude market in the very short-term. In the long-term, if the price of oil also goes up, it is likely to dampen overall demand and cause a potential slowdown in trade. This negative effect however tends to be limited given that crude oil has fairly inelastic demand.
According to Gerry Lathrop of Allied, on the non-OPEC side of things, crude oil production in the US has hit a new record production level of 9.7 million barrels per day on average for the week ending November 17th, according to statistics from the US EIA. Similarly, crude oil imports from Venezuela to the Louisiana Offshore Oil Platform (LOOP) for the period of January to November 2017 are around 7 million barrels, which is almost 3 times as much as what we were seeing during the same time frame last year (2.5 million bbls). The main reason for importing so much Venezuelan crude seems to be mainly due to the lack of availability of Saudi Arabian heavy/sour crude resulting from their production cuts. According to US customs data, imports from Saudi are down 45% from 75 million barrels to 42 million barrels for the same 10-month period. This has undoubtedly caused much of the softening in the crude tanker market of late by removing many ton miles from the market.
In any case, it will be interesting to see which direction the market will trend come June of next year, as the tug of war continues between Russia’s stance on lower crude prices and Saudi’s preference for higher prices. We will probably see the price fall somewhere in between these respective price targets during most of 2018, while if prices increases above Saudi’s US$ 60 per barrel, a relatively swift ramp up in US shale oil production should help quickly push things back down. This points to the main risk by both OPEC and Russia, with any further cost efficiencies achieved by US shale producers allowing them to capture a higher market share and even make these production cuts irrelevant to the overall market.
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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
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