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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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Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
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- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
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