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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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- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
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