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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, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
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- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Planning Commission, India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
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