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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
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