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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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Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
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- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
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