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Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a supply chain expansion from companies involved in exploration and production and modest activity levels.
With oil prices mainly ranging between $65-$70/barrel throughout the bigger part of the first quarter, refinery capacity additions in major regions have been the key drivers contributing to the recovery of the sector.
Even though spending levels were retained quite low after the 2014 industry recession, some companies had the advantage to invest, prompted by stronger prices during this year. Saudi Aramco, will be this year’s biggest spender as the company is expected to invest over $18 billion for the Marjan and Berri expansion projects, while ExxonMobil has $15 billion of offshore work approval.
Another sign that might be indicating that the offshore industry is recovering is the floater rig count which is finally moving upwards counting around 120 contracted rigs against 115 during last year. Diamond offshore, Seadrill and Transocean are some of the owners with the highest number of contracted years operating out of Latin America and the Gulf of Mexico.
Additionally the US Gulf Of Mexico lease sale drew the attention of operations whose total bids exceeded $110 million, making it the highest total bid of the past two years compared to previous lease sales, Lease 249 and Lease 250, the bids of which had reached $28 million and $38 million respectively.
The European market has also seen more activity in terms of investments, following almost four years of consecutive declines in interest, while the improved environment in the UK and Norway have been mainly the ones helping this positive turnaround.
Additionally, a rapid rise in subsea tree installations is projected for the global offshore industry in the coming years. According to Rystad Energy; “As the oil price has recovered since 2016, the subsea market has shown clear signs of improvement. Subsea tree installations can be seen as a main driver for this growth. We expect a substantial increase in demand in coming years.”
The market of Offshore Supply Vessels (OSV) is also facing a growth of up to 10%, which will give a nice breather to what has been a depressed environment as this segment mainly depends on the maintenance/needs and supply operations of existing platforms.
Last year, we noticed that offshore projects increased by more than 20%, which was a very positive sign compared to the 2014-2016 period when most companies had to postpone or even cancel their planned projects as the oil price per barrel was well below $6. 2019 has kicked off positively and although oil prices have corrected downwards lately, we do expect this to be another improved year as support for oil prices by OPEC and other major producers is expected to resume.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
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