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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, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- The University of Queensland
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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