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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, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Economic Council, Georgia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
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