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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, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bhatia International Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- White Energy Company Limited
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
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