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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, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- ASAPP Information Group - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
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