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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, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- The University of Queensland
- Borneo Indobara - Indonesia
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