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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Planning Commission, India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- The University of Queensland
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
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