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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Australian Coal Association
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
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