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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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Wednesday, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
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Showing 1866 to 1870 news of total 6871 |
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- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- The University of Queensland
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- PTC India Limited - India
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