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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
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