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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, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
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