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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, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- White Energy Company Limited
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Central Java Power - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
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