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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, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Economic Council, Georgia
- Petron Corporation, Philippines
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Planning Commission, India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
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