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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
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