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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, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
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