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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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Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
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- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
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