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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, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
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- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
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