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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, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
Wednesday, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
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Showing 2511 to 2515 news of total 6871 |
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- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
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