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Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
 Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the falling prices would influence to a great extend rig utilization but five months down the line it seems that this was indeed the case. This has inevitably reduced capacity and eventually stirred things up a little as far as remaining projects are concerned.
Based on data from the American Oil and Gas Reporter, in the US alone, the onshore rigs suffered a utilization reduction of 51%, which resulted in a massive shutdown of 926 rigs in just 5 months. On the offshore sector and looking at the numbers on a global scale, the utilization capacity decreased by 96 rigs (14%) in 6 months.
So after thousands of jobs and billions of dollars are lost, where do we stand? The barrel price as of last week has reached USD 65 per barrel. Although prices have been rising during the last couple of months, there is still a lot of uncertainty as to where we are heading. Will the price continue to rise as it usually does during the summer because of the seasonal refinery demand, or it will drop back down influenced by a stronger Dollar or by the possibility that capacity is still in excess of demand. There has being a lot of speculation in regards to whether the industry is on its way to a recovery or not. Prices are often known to rise purely on speculation.
The speculation in this case revolves around the fact that the prices now are in some ways favorable and promising enough to start investing – storage projects are a representative example of that. Furthermore, Asian demand increases, with China importing record quantities in April and on top of that the US driving season is near, which as usual increases the demand for fuel. So it seems that the sings for a recovery in the price of oil are there, but it is still too early to speak for a recovery, even a slow one.
Now in relation to the maritime industry there are questions rising in multiple areas, should prices do increase. How will bunker prices adjust? Will the offshore industry rebound? Will tanker rates be affected or not? Bunker prices, have since February risen steadily but they are nowhere close to where they were about a year ago. If oil prices increase but keep moving within a specific range, there is no reason to expect bunker prices to increase a lot more, which is translated to fairly good news especially for the bulk sector.
The offshore industry has suffered a significant blow during the last ten months. FPSO projects were halted and rigs were left unutilized. Nowadays we slowly see a few fixtures materialize, which could be perceived as a sign that maybe better days are ahead. But there is still a long way to go in order to see rigs being fixed to long term employment.
On the other hand, tankers have being enjoying fantastic rates since last year. These rates, which have been on an upward trend for more than a year, were initially driven by the increased cargo demand from emerging and developing countries coupled with manageable fleet sizes in the sector, and eventually boosted by the decline of oil prices. Currently, it seems that even with a further moderate recovery in the price of oil, demand seems to have enough momentum to keep rates at healthy levels thus not really weighing on wet market prospects for the short to medium term.
All in all oil does impact the world trade to a big degree but the straightforward effect of its price performance might not be that straightforward after all.
By Timos Papadimitriou
SnP Broker
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
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- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
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