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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
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Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- VISA Power Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
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