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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, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
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, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
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- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
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