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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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Wednesday, 05 August 15
SHIPPING MARKET INSIGHT - KATERINA RESTIS
On July 14th, 2015 a historical consensus was reached in Vienna between Iran and the five permanent members of the U.N. Security Council, plus Germ ...
Wednesday, 05 August 15
COAL CONSUMPTION POSTED THE STRONGEST GROWTH AMONG THE FOSSIL ENERGY SOURCES IN 2014 - VDKI
Coal 2014: again the world's fastest-growing primary energy source and an indispensable asset for the success of the energy turnaround.
Ac ...
Wednesday, 05 August 15
FOB INDONESIA THERMAL COAL SWAPS FALL
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week, this past week.
The 4Q swap was declined $ ...
Wednesday, 05 August 15
DRY BULKER PRICES START TO FIRM UP AS MARKET SENTIMENT IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Market pessimism in the dry bulk industry, a trend which had established itself over the course of the year, has started to fade away over the past ...
Tuesday, 04 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO FALL DUE TO SLIDING DEMAND
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
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- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
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