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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
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