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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, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
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