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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, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
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