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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, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
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- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- The University of Queensland
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Economic Council, Georgia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
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