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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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Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
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