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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Planning Commission, India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
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