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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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Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
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