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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, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
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