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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, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Commonwealth Bank - Australia
- The University of Queensland
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Australian Coal Association
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
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