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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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Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
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- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Economic Council, Georgia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
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