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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
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