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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Planning Commission, India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
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