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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, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
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- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Latin American Coal - Colombia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
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