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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
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