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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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Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
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