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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, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
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- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
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