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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, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Australian Coal Association
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
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