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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, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
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