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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, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
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Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
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Wednesday, 25 May 16
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KNOWLEDGE TO ELEVATE
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Wednesday, 25 May 16
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Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- White Energy Company Limited
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
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