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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, 11 January 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS FIXING AT AROUND $10K - FEARNLEYS
Supramax
USG rates improved both for backhaul and fronthaul, Ultras from USG to Japan receiving around $26k daily while supras 1-2k less for same ...
Wednesday, 10 January 18
2018: IT IS PROJECTED, THE SHIPBUILDERS WILL DELIVER FOUR HUNDRED FORTY NEW VESSELS IN 2018
Headlines from IMF's 2017 – World Economic Outlook:
January 2017 - “After a lacklustre outturn in 2016, economic activity is p ...
Tuesday, 09 January 18
INDONESIAN GOVERNMENT DECLARED COAL REFERENCE PRICE UP IN JANUARY
COALspot.com: the Indonesian Coal Price Reference ( HBA) rose 1.60 per cent in January 2018, the latest ministerial decree showed.
The benchma ...
Friday, 05 January 18
U.S. WEEKLY COAL OUTPUT FELL 32.4% PER CENT WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 10.5 million short tons ...
Friday, 05 January 18
COAL DEMAND TO REMAIN FLAT TO 2022, RESULTING IN A DECADE OF STAGNATION - IEA
Global demand for coal should remain nearly flat between 2017 and 2022, resulting in a decade of stagnation for coal consumption, according to the ...
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- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
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