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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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Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
Thursday, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
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- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
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