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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, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
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- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
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