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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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Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
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- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Latin American Coal - Colombia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
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