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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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Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
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- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
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