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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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Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Minerals Council of Australia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Latin American Coal - Colombia
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