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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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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Planning Commission, India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
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