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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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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Australian Coal Association
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
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