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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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- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
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