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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, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Planning Commission, India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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