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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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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
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