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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
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