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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, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
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