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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, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- The University of Queensland
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
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