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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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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Australian Coal Association
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- ASAPP Information Group - India
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