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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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Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
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