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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, 22 January 16
WEEKLY US COAL PRODUCTION ESTIMATES ALMOST FLAT
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.3 million shor ...
Friday, 22 January 16
COAL PRICES TO REMAIN UNDER PRESSURE THIS YEAR
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week. The falling trend of prices for coal was continuing ...
Friday, 22 January 16
Q3' 16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 40.80; DECLINE $ 2.80 M-O-M
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and decline week over week.
The Q1’ 2016 FOB Richards B ...
Wednesday, 20 January 16
Q3'16 FOB NEWCASTLE COAL SWAP CLOSED $ 2.40 LESSER THAN Q1'16 CLOSING PRICE OF $ 38.10
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $0.77 per ton (2.06%) this past week compared to the sam ...
Wednesday, 20 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
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- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Planning Commission, India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
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