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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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Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
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- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- The University of Queensland
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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