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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, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
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- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
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