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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Australian Coal Association
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- White Energy Company Limited
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
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