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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, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
Wednesday, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
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- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
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- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
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- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
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- Sical Logistics Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Minerals Council of Australia
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- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
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