Edit in JSFiddle

webshims.setOptions('mediaelement', {
    replaceUI: 'auto',
    jme: {
        //barTemplate default in 1.14.4: '<div class="play-pause-container">{{play-pause}}</div><div class="playlist-container"><div class="playlist-box"><div class="playlist-button-container">{{playlist-prev}}</div><div class="playlist-button-container">{{playlist-next}}</div></div></div><div class="currenttime-container">{{currenttime-display}}</div><div class="progress-container">{{time-slider}}</div><div class="duration-container">{{duration-display}}</div><div class="mute-container">{{mute-unmute}}</div><div class="volume-container">{{volume-slider}}</div><div class="chapters-container"><div class="chapters-controls mediamenu-wrapper">{{chapters}}</div></div><div class="subtitle-container mediamenu-wrapper"><div class="subtitle-controls">{{captions}}</div></div><div class="mediaconfig-container"><div class="mediaconfig-controls mediamenu-wrapper">{{mediaconfigmenu}}</div></div><div class="fullscreen-container">{{fullscreen}}</div>'
        
        barTemplate: '<div class="play-pause-container">{{play-pause}}</div><div class="progress-container">{{time-slider}}</div><div class="currenttime-container">{{currenttime-display}}</div><div class="duration-container">{{duration-display}}</div><div class="mute-container">{{mute-unmute}}</div><div class="fullscreen-container">{{fullscreen}}</div>'
    }
});
webshims.polyfill('mediaelement');

//get the current default/active barTemplate:
webshim.ready('mediacontrols', function(){
    if(window.console){
        console.log(webshim.cfg.mediaelement.jme.barTemplate);
    }
});

<div class="player">
    <div class="mediaplayer">
        <video poster="http://corrupt-system.de/assets/media/sintel/sintel-trailer.jpg" controls preload="none">
            <source src="http://corrupt-system.de/assets/media/sintel/sintel-trailer.m4v" type="video/mp4" />
            <source src="http://corrupt-system.de/assets/media/sintel/sintel-trailer.webm" type="video/webm" />
        </video>
    </div>
</div>
<p>This example changes only the position of the "currenttime-display" and removes the volume-slider. With the barTemplate option you have full control over the rendered controlbar</p>

.player {
    margin: auto;
    padding: 10px;
    width: 90%;
    max-width: 900px;
    min-width: 320px;
}
.mediaplayer {
    position: relative;
    height: 0;
    width: 100%;
    padding-bottom: 56.25%;
    /* 16/9 */
}
.mediaplayer video, .mediaplayer .polyfill-video {
    position: absolute;
    top: 0;
    left: 0;
    height: 100%;
    width: 100%;
}