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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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Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
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- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
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