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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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Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- PTC India Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- The University of Queensland
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
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