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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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Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Australian Coal Association
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Economic Council, Georgia
- PTC India Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- GMR Energy Limited - India
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