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Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
 As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was slightly revised from 1.5mb/d to 1.4mb/d, bearing the effect of higher oil prices. The geopolitical turmoil has caused elevated concerns over potential disruption to supplies.
The decision of the U.S. President Donald Trump to withdraw from the nuclear deal and re-impose sanctions on Iran caused markets to price in the impact of deteriorated Iranian crude exports. In particular, Iran produces about 2.4m barrels a day accounting for 4% of global oil supplies. However, the European Union is firm on keeping the agreement alive and not to pose sanctions on Tehran. Further, the IEA has stated that they would examine whether other producers would step in and offset a disruption to Iranian exports.
Accordingly, last week Saudi Arabia and Russia announced that OPEC and other members intend to lift supply and revive oil production, to make up for impending losses from Venezuela and Iran diminished output. In reaction to such announcement last week oil prices declined with notable the longest run of losses since February, 2018. Respectively, with projections of oil supplies shrinking and trembling prices, the two nations consented to restore some of the oil output they had freeze.
OPEC and Russia produce more than 40% of the world’s oil. As per analysts and various producers inside OPEC, reaching an agreement in the upcoming OPEC meeting in Vienna seems challenging. It is argued that Saudi Arabia and Russia have nothing to gain from reduced output, and plenty to lose if oil prices continue last week’s sharp decline. According to IEA, since the 2016 agreed productions cuts, Saudi Arabia has decreased their daily oil output by almost 590k barrels per day, Russia 250k barrels and U.A.E. 141k barrels per day respectively. Overall the oil output cuts by OPEC and partners have brought oil supply and demand close to balance with IEA’s recent statement “mission accomplished” pretty much confirming this.
The economic and political distress affecting the oil-rich Venezuela has led to collapsing crude production even from the country’s mature oilfields. Such downfall in oil output has affected oil markets quicker than expected. The situation is disappointing as Venezuela’s oil industry is falling apart, while conditions in the country degrade, with increased corruption, problems with payments and equipment breaking down. Furthermore, U.S. shale oil production is at record highs, with output doubling the last decade.
Iran and Venezuela are not the only foundations of geopolitical volatility causing disturbed oil prices. The ongoing acceleration of tensions between Saudi Arabia and Iran, continuing conflicts in Iraq, Libya, Syria and Yemen have significantly shaken the region. As reported, a direct military confrontation between Iran and Saudi Arabia is seen unlikely, while any degree of conflict intensification in the region would undermine stability. The IEA has advised that the recent geopolitical events have increased ambiguity over future global oil supplies. Worldwide, the economy is strong, with the IMF predicting 3.9% growth this year. Vigorous economic activity is an important feature in rising oil prices and thus we shall wait and see the outcome of OPEC and further members’ upcoming meeting and if an agreement will be achieved in reference to production output levels.
By Katerina Restis
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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Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
Monday, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
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- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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