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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, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- PTC India Limited - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
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