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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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Thursday, 11 January 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS FIXING AT AROUND $10K - FEARNLEYS
Supramax
USG rates improved both for backhaul and fronthaul, Ultras from USG to Japan receiving around $26k daily while supras 1-2k less for same ...
Wednesday, 10 January 18
2018: IT IS PROJECTED, THE SHIPBUILDERS WILL DELIVER FOUR HUNDRED FORTY NEW VESSELS IN 2018
Headlines from IMF's 2017 – World Economic Outlook:
January 2017 - “After a lacklustre outturn in 2016, economic activity is p ...
Tuesday, 09 January 18
INDONESIAN GOVERNMENT DECLARED COAL REFERENCE PRICE UP IN JANUARY
COALspot.com: the Indonesian Coal Price Reference ( HBA) rose 1.60 per cent in January 2018, the latest ministerial decree showed.
The benchma ...
Friday, 05 January 18
U.S. WEEKLY COAL OUTPUT FELL 32.4% PER CENT WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 10.5 million short tons ...
Friday, 05 January 18
COAL DEMAND TO REMAIN FLAT TO 2022, RESULTING IN A DECADE OF STAGNATION - IEA
Global demand for coal should remain nearly flat between 2017 and 2022, resulting in a decade of stagnation for coal consumption, according to the ...
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- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Planning Commission, India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
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