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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- The University of Queensland
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Marubeni Corporation - India
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