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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
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