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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, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
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- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Bhatia International Limited - India
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