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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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Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Australian Coal Association
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
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