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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
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