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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
 Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s outcome is a psychological blow for the market, as the steep plunge in oil prices shows.
“And the market is now facing the spectre of unrestrained production once the current OPEC+ agreement expires in March.
“However, we do not think Saudi Arabia will push hard to lift their output in the northern hemisphere spring.
“Given weak demand and the likelihood this weakness will persist into the second quarter, it will be hard for any producer to increase their output sharply once the original production deal expires at the end of this month.”
Demand risks
She added: “One factor to bear in mind is that the plunge in demand we saw in Q1 was created by circumstances in China. The country’s coronavirus (Covid-19) containment measures have been far more stringent than those imposed anywhere else, and are not likely to be copied elsewhere.
“The lack of a production deal carries risk. This would become apparent if global economic growth weakens and oil demand continues to contract more sharply than expected thanks to the double whammy of coronavirus containment measures and falling GDP.”
Hittle said: “Our current projection sees global liquids demand fall by 2.7 million b/d year-on-year in the first quarter of 2020, the first year-on-year decline on a quarterly basis since Q2 2009.
“It is the most severe decline since Q4 2008, the height of the 2008-2009 global economic crisis, which saw demand tumble by 2.8 million b/d year-on-year.”
Hittle said: “If the impact the coronavirus has had on global oil demand is sustained, then by the second half of the year we’d expect to see weaker GDP. This will have a far greater impact on oil demand than just temporary reductions in jet fuel and gasoline demand.
“A longer, sustained outbreak of coronavirus threatens to hit oil demand with a double whammy: already weak demand will soften further because of containment measures, and this will weaken GDP.”
What next?
What does this mean for OPEC and OPEC+? It would mean that the group would likely need to monitor economic indicators closely. It may even mean that they could be forced to call an emergency meeting during the second quarter.
She added: “A sustained bout of low oil prices will further reduce cash flow and investment into the US oil patch, causing further hits to Lower 48 production growth later this year. It takes at least six to nine months for reductions in spend to lead to lower oil production in the US Lower 48.
“In that time, their access to capital may be limited and their free cash flow badly hit.
“The only silver lining in a very dark cloud is for refining – the sector will be hit hard by weak demand, but it is at least saved from tightening crude differentials associated with a major cut in OPEC supplies.”
Source: Wood Mackenzie
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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Planning Commission, India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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