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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, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
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- MS Steel International - UAE
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
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