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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, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
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