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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, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
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- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
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