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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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Thursday, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
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