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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, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
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