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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, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
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Wednesday, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. &n ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
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- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Australian Coal Association
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
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