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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, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Australian Coal Association
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
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