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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, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
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- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- The University of Queensland
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
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