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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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Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Minerals Council of Australia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
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