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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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Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
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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- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
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