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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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Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
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