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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Bhatia International Limited - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
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