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