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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, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
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- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
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