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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Planning Commission, India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
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