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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, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
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- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Australian Coal Association
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Economic Council, Georgia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
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