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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
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