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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
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- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- The University of Queensland
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
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