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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Australian Coal Association
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- PTC India Limited - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- The University of Queensland
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
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