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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, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
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 ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
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- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
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