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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, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
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- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
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