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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, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Deloitte Consulting - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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