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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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Friday, 22 January 16
WEEKLY US COAL PRODUCTION ESTIMATES ALMOST FLAT
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.3 million shor ...
Friday, 22 January 16
COAL PRICES TO REMAIN UNDER PRESSURE THIS YEAR
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week. The falling trend of prices for coal was continuing ...
Friday, 22 January 16
Q3' 16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 40.80; DECLINE $ 2.80 M-O-M
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and decline week over week.
The Q1’ 2016 FOB Richards B ...
Wednesday, 20 January 16
Q3'16 FOB NEWCASTLE COAL SWAP CLOSED $ 2.40 LESSER THAN Q1'16 CLOSING PRICE OF $ 38.10
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $0.77 per ton (2.06%) this past week compared to the sam ...
Wednesday, 20 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
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- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
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