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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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Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Parliament of New Zealand
- Mjunction Services Limited - India
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