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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, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
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- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
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