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Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
 Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared with previous years. Oversupply and growing economic headwinds are weighing down heavily on oil worldwide. According to the U.S. Energy Information Administration (EIA), Brent crude oil prices are forecast to average $35/b in summer 2016, $21/b lower than last summer. The monthly average spot price of Brent crude oil increased by $2/b in June to $48/b, which was actually the highest monthly average for Brent since October 2015. This was the fifth consecutive increase in the monthly average Brent price, the longest such stretch since May through September 2013.
In the U.S., commercial crude oil weekly inventories have increased by more than 71 million barrels (15%) since the end of September 2015, pushing crude oil storage capacity utilization to a near record high according to EIA. The large increase in crude oil storage capacity in the States between September 2015 and March 2016 was prompted by increased demand for crude oil storage as global supply has outpaced global demand for most of the past two years.
In S.E. Asia, predominantly Singapore and Malaysia, the volumes of oil stored at sea also appear to have increased significantly. There is still a large fleet of VLCCs off Singapore anchored in nearby areas for storage use. There is a major concern that there is still a considerable quantity of physical crude oil stored in the area especially during the last few months.
This is actually the fourth time during the last three decades, that we have a major crash in oil prices. OPEC countries today, refuse to actually cut back or agree to limit production in order to boost prices. In the past, that tactic was a good solution but today OPEC is facing its own challenges. For Saudi Arabia and the remaining Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates), which together account for around 40% of the world's oil reserves and the lion's share of OPEC's collective output, their future oil strategy should be an exclusively GCC affair, away from the stress and dysfunction of OPEC. We see huge developments and the continued existence of OPEC being in peril.
The conflict within the OPEC group over a coordinated cut in output has led to intense international pressure on Saudi Arabia. The meeting of oil producers in Doha in April basically led to more claims of Saudi Arabia’s intolerance, despite the fact that Saudi Arabia has the largest excess oil capacity in the world by an enormous degree.
We have, in fact, passed the point where OPEC's key member Saudi Arabia can any longer dictate oil prices. Saudi Arabia might have hinged on the respect it received from OPEC members, which gave it control over OPEC outputs and de-facto control of 40% of world oil output, way more than its share.
That status quo guaranteed a steady oil supply which, in turn, fueled economic exchanges and progress during the last half-century with an unprecedented increase in prosperity worldwide. We are now transitioning to a time where open trading on world markets has more impact on oil prices than the attempts of OPEC to establish artificial restricted supply.
By Christopher Whitty
Commercial 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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
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- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
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