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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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Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
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