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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, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
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