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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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- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
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