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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, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Planning Commission, India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
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