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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, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
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- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- The University of Queensland
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Parliament of New Zealand
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
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