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Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
 Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen more than 70% since the middle of 2014. Oil supply outpaces demand on any given day, and billions of barrels of oil are being stored rather than consumed. As a result, oil prices have collapsed to as low as $26 per barrel in February, from well over $100 in 2014.
It is interesting that currently, Iran and Iraq both play an important role in the contemplated production freeze. Iran has already been increasing production and the country’s position is that it would consider oil-production caps only after the country’s output rises back to the levels before the West imposed sanctions over its nuclear program.
Basically Iran wants to increase production now, in an attempt to revive their share in the global markets, before they even consider discussing about participating in an output freeze. Iraq also has a longstanding policy of seeking to raise production regardless of the price-stabilizing policies of the OPEC.
Russia said that OPEC’s meeting with other key oil producers regarding an output freeze will probably be held in Doha, Qatar in April. They said that Iran supports the plan, while Tehran says it wants to double its crude exports to 4 million bpd first.
However, in reality according to the latest oil market data, both Russia and Saudi Arabia ramped up their oil production in February, despite talks about supply caps. Russian oil supply reached a new high of 11.08 million barrels a day in February, and Saudi Arabia during the same month increased its daily output by 14,000 barrels, to 10.14 million barrels per day, according to OPEC's analysis of market sources.
Generally speaking, countries are less willing to freeze and especially to cut production, because doing so means giving up market share for their oil, which might be hard to win back especially during this transition period. The four major oil powers, Saudi Arabia, Russia, Venezuela and Qatar, are heavily involved in the various discussions and the coordinated efforts will probably include soon also non OPEC countries such as Oman, Kazakhstan and Azerbaijan.
Assuming all are on board, the oil glut could begin to ease, particularly with American output on the decline. Or at least that is what they anticipate with this concept.
The fact is that a two million barrel-per-day surplus in oil supplies will continue to weigh on prices in the short term and even if these countries freeze output, they would still need more drastic efforts to support prices in the long term.
From my own perspective, it looks like their ultimate goal is to reach a certain consensus and, if they actually get there, I would expect them to quickly focus on actually reducing production in the long term. In any case, analysts estimate that maintaining production at current levels will probably not have a significant effect on prices.
Christopher Thomas Whitty
Marketing Manager - Towage & Port Agency
Cotzias Intermodal Shipping Inc
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
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- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Deloitte Consulting - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Australian Coal Association
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
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