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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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- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- MS Steel International - UAE
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- The University of Queensland
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- PTC India Limited - India
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