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Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
 Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared with previous years. Oversupply and growing economic headwinds are weighing down heavily on oil worldwide. According to the U.S. Energy Information Administration (EIA), Brent crude oil prices are forecast to average $35/b in summer 2016, $21/b lower than last summer. The monthly average spot price of Brent crude oil increased by $2/b in June to $48/b, which was actually the highest monthly average for Brent since October 2015. This was the fifth consecutive increase in the monthly average Brent price, the longest such stretch since May through September 2013.
In the U.S., commercial crude oil weekly inventories have increased by more than 71 million barrels (15%) since the end of September 2015, pushing crude oil storage capacity utilization to a near record high according to EIA. The large increase in crude oil storage capacity in the States between September 2015 and March 2016 was prompted by increased demand for crude oil storage as global supply has outpaced global demand for most of the past two years.
In S.E. Asia, predominantly Singapore and Malaysia, the volumes of oil stored at sea also appear to have increased significantly. There is still a large fleet of VLCCs off Singapore anchored in nearby areas for storage use. There is a major concern that there is still a considerable quantity of physical crude oil stored in the area especially during the last few months.
This is actually the fourth time during the last three decades, that we have a major crash in oil prices. OPEC countries today, refuse to actually cut back or agree to limit production in order to boost prices. In the past, that tactic was a good solution but today OPEC is facing its own challenges. For Saudi Arabia and the remaining Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates), which together account for around 40% of the world's oil reserves and the lion's share of OPEC's collective output, their future oil strategy should be an exclusively GCC affair, away from the stress and dysfunction of OPEC. We see huge developments and the continued existence of OPEC being in peril.
The conflict within the OPEC group over a coordinated cut in output has led to intense international pressure on Saudi Arabia. The meeting of oil producers in Doha in April basically led to more claims of Saudi Arabia’s intolerance, despite the fact that Saudi Arabia has the largest excess oil capacity in the world by an enormous degree.
We have, in fact, passed the point where OPEC's key member Saudi Arabia can any longer dictate oil prices. Saudi Arabia might have hinged on the respect it received from OPEC members, which gave it control over OPEC outputs and de-facto control of 40% of world oil output, way more than its share.
That status quo guaranteed a steady oil supply which, in turn, fueled economic exchanges and progress during the last half-century with an unprecedented increase in prosperity worldwide. We are now transitioning to a time where open trading on world markets has more impact on oil prices than the attempts of OPEC to establish artificial restricted supply.
By Christopher Whitty
Commercial 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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- The University of Queensland
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
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