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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 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Planning Commission, India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Mjunction Services Limited - India
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