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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, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
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