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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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Friday, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
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