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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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Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
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- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
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