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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- MS Steel International - UAE
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
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