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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, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Australian Coal Association
- GMR Energy Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
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