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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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Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
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- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Electricity Authority, New Zealand
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
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