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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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Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
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- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
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