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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, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
Tuesday, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
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- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
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