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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
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