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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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Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
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