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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, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
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- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Australian Coal Association
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
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