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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Planning Commission, India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
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