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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, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Australian Coal Association
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