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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, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
Wednesday, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
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Showing 2511 to 2515 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Minerals Council of Australia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
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