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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, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
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- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Australian Coal Association
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
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