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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, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
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- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- White Energy Company Limited
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
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