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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
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