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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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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
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