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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
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- South Luzon Thermal Energy Corporation
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- The Treasury - Australian Government
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- Goldman Sachs - Singapore
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- Global Coal Blending Company Limited - Australia
- Australian Coal Association
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- Cement Manufacturers Association - India
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- Trasteel International SA, Italy
- Sojitz Corporation - Japan
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- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
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- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
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- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
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- Indonesian Coal Mining Association
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- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
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- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
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- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
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- Karbindo Abesyapradhi - Indoneisa
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- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- ASAPP Information Group - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Minerals Council of Australia
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- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
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- Rashtriya Ispat Nigam Limited - India
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- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
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- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
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