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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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Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Economic Council, Georgia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- The University of Queensland
- London Commodity Brokers - England
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Australian Coal Association
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
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