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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, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
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- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- MS Steel International - UAE
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
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