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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, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
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- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
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