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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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Thursday, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
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- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- PTC India Limited - India
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