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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, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- The University of Queensland
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
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