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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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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
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