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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
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