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Wednesday, 17 January 18
SHIPPING MARKET INSIGHT - INTERMODAL
 As we are now well into the first month of 2018, the mood across the entire offshore industry undeniably remains rather positive following the oil price rally that has now brought the commodity at a three-year high, while the highest monthly average during the same period was achieved during December.
It is now a rather wide market expectation that prices will remain at satisfactory levels in the following months, with $60/barrel currently considered a strong resistance level prices won’t easily go below of. The driving forces of the oil price momentum have been the much publicized OPEC policy – and its most recent extension - the weakening of the USD and of course healthy global oil demand being sustained.
There are also of course those who are less optimistic out there. Their expectations call for a $10-15/barrel correction taking place in the next months, mainly arguing that supply and demand fundamentals do not really support the price the commodity has reached and that the levels of the past month in particular are rather unrealistic.
Oil prices have always been one of the most crucial factors influencing the course of the entire offshore industry and most specifically the offshore drilling activity/gas exploration industry, which in turn shape the fate of all offshore units ranging from oil rigs to PSV and AHTS.
After all, let us not forget that one of the main reasons that the main reason behind offshore units being laid up or sold for scrap or converted as of the end of 2014, was no other than the steady decline of oil prices back then, which eventually laid to the re-consideration and sometimes the cancellation of a number of drilling projects that were upcoming back then.
2017 was undeniably a better year for the offshore drilling market, with both day rates and utilization rates improving – marginally indeed but improving nonetheless. A number of SnP transactions were also recorded as far as oil rigs are concerned and several company acquisitions took place as well, with that of Songa Offshore being acquired by Transocean Ltd being one of the most important. Additionally, more than 60 oil rigs were scrapped or retired, which means that a bit of the oversupply weight has slowly started being lifted during the past months.
Despite the above mentioned improvements and activity, the reality is that the Deepwater drilling market is still dealing with oversupply, far from healthy day rates and a big lack of commitment on behalf of major oil companies as far as long term investment projects are concerned.
Therefore the question that comes to mind is what should we expect for this year. Most of the optimism at this stage is stimulated by South America and more specifically Brazil, where a number of Petrobras tender requests for rigs and offshore units are expected to take place this year, while not very far from Brazil, there are additional optimistic signs coming from countries like Argentina and Peru, where substantial drilling activity/number of projects are expected to come on line/take place in the following years.
Hopefully the above will bring further improvement in the market and lay the ground for truly healthy fundamentals in the next couple of years.
By Panos Makrinos
Offshore Director
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The cu ...
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Showing 1856 to 1860 news of total 6871 |
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- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Planning Commission, India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
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