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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, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
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- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
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