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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- The University of Queensland
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Parliament of New Zealand
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