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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, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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