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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, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Australian Coal Association
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
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