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Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a supply chain expansion from companies involved in exploration and production and modest activity levels.
With oil prices mainly ranging between $65-$70/barrel throughout the bigger part of the first quarter, refinery capacity additions in major regions have been the key drivers contributing to the recovery of the sector.
Even though spending levels were retained quite low after the 2014 industry recession, some companies had the advantage to invest, prompted by stronger prices during this year. Saudi Aramco, will be this year’s biggest spender as the company is expected to invest over $18 billion for the Marjan and Berri expansion projects, while ExxonMobil has $15 billion of offshore work approval.
Another sign that might be indicating that the offshore industry is recovering is the floater rig count which is finally moving upwards counting around 120 contracted rigs against 115 during last year. Diamond offshore, Seadrill and Transocean are some of the owners with the highest number of contracted years operating out of Latin America and the Gulf of Mexico.
Additionally the US Gulf Of Mexico lease sale drew the attention of operations whose total bids exceeded $110 million, making it the highest total bid of the past two years compared to previous lease sales, Lease 249 and Lease 250, the bids of which had reached $28 million and $38 million respectively.
The European market has also seen more activity in terms of investments, following almost four years of consecutive declines in interest, while the improved environment in the UK and Norway have been mainly the ones helping this positive turnaround.
Additionally, a rapid rise in subsea tree installations is projected for the global offshore industry in the coming years. According to Rystad Energy; “As the oil price has recovered since 2016, the subsea market has shown clear signs of improvement. Subsea tree installations can be seen as a main driver for this growth. We expect a substantial increase in demand in coming years.”
The market of Offshore Supply Vessels (OSV) is also facing a growth of up to 10%, which will give a nice breather to what has been a depressed environment as this segment mainly depends on the maintenance/needs and supply operations of existing platforms.
Last year, we noticed that offshore projects increased by more than 20%, which was a very positive sign compared to the 2014-2016 period when most companies had to postpone or even cancel their planned projects as the oil price per barrel was well below $6. 2019 has kicked off positively and although oil prices have corrected downwards lately, we do expect this to be another improved year as support for oil prices by OPEC and other major producers is expected to resume.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
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