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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, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
Friday, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Posco Energy - South Korea
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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