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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, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
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