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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, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
Friday, 11 September 15
U.S'S WEEKLY COAL PRODUCTION WAS ALMOST FLAT PAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.6 million shor ...
Thursday, 10 September 15
U.S. H1' 15 STEAM COAL EXPORTS FELL BY 21 PER CENT Y-Y: EIA
Coal Trade
Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries have all ...
Thursday, 10 September 15
INDONESIAN COAL BENCHMARK PRICE HITS A NEW LOW OF $58.21 PER TON
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price to US$ 58.21 per MT ...
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the fr ...
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- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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