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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, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
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- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Posco Energy - South Korea
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- VISA Power Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
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