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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
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