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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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Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
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- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
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