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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, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
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