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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- The University of Queensland
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
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