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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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Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Tuesday, 15 March 16
PORT OF NEWCASTLE SHIPPED 12.78 MMT OF COAL IN FEBRUARY 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped AU$1,110.5 mi ...
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Showing 2516 to 2520 news of total 6871 |
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- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Australian Coal Association
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
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