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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
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