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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, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
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- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- White Energy Company Limited
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
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