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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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Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
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- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
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