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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, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
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