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Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
 Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen more than 70% since the middle of 2014. Oil supply outpaces demand on any given day, and billions of barrels of oil are being stored rather than consumed. As a result, oil prices have collapsed to as low as $26 per barrel in February, from well over $100 in 2014.
It is interesting that currently, Iran and Iraq both play an important role in the contemplated production freeze. Iran has already been increasing production and the country’s position is that it would consider oil-production caps only after the country’s output rises back to the levels before the West imposed sanctions over its nuclear program.
Basically Iran wants to increase production now, in an attempt to revive their share in the global markets, before they even consider discussing about participating in an output freeze. Iraq also has a longstanding policy of seeking to raise production regardless of the price-stabilizing policies of the OPEC.
Russia said that OPEC’s meeting with other key oil producers regarding an output freeze will probably be held in Doha, Qatar in April. They said that Iran supports the plan, while Tehran says it wants to double its crude exports to 4 million bpd first.
However, in reality according to the latest oil market data, both Russia and Saudi Arabia ramped up their oil production in February, despite talks about supply caps. Russian oil supply reached a new high of 11.08 million barrels a day in February, and Saudi Arabia during the same month increased its daily output by 14,000 barrels, to 10.14 million barrels per day, according to OPEC's analysis of market sources.
Generally speaking, countries are less willing to freeze and especially to cut production, because doing so means giving up market share for their oil, which might be hard to win back especially during this transition period. The four major oil powers, Saudi Arabia, Russia, Venezuela and Qatar, are heavily involved in the various discussions and the coordinated efforts will probably include soon also non OPEC countries such as Oman, Kazakhstan and Azerbaijan.
Assuming all are on board, the oil glut could begin to ease, particularly with American output on the decline. Or at least that is what they anticipate with this concept.
The fact is that a two million barrel-per-day surplus in oil supplies will continue to weigh on prices in the short term and even if these countries freeze output, they would still need more drastic efforts to support prices in the long term.
From my own perspective, it looks like their ultimate goal is to reach a certain consensus and, if they actually get there, I would expect them to quickly focus on actually reducing production in the long term. In any case, analysts estimate that maintaining production at current levels will probably not have a significant effect on prices.
Christopher Thomas Whitty
Marketing 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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Planning Commission, India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
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