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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Australian Coal Association
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
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