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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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Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- White Energy Company Limited
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
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