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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, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
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- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- The University of Queensland
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Latin American Coal - Colombia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
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