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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, 22 December 17
COAL INDIA BOARD CLEARS THE WAY FOR SCHEME FOR HARNESSING AND ALLOCATING KOYALA (COAL) TRANSPARENTLY IN INDIA - PIB
The Coal India Limited (CIL) Board cleared the decks for signing of Fuel Supply Agreement (FSA), for supply of coal.
According to Press Inform ...
Friday, 22 December 17
WILL THE DRY BULK INDUSTRY BECOME PROFITABLE IN 2018? - PETER SAND, BIMCO
As the dry bulk fleet is already expected to grow at a pace that matches demand growth expected in 2019, focus must be on improving the fundamental ...
Friday, 22 December 17
ESTIMATED U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 21 December 17
COAL CONSUMPTION DROPS AS GAS AND RENEWABLES CHEW INTO TRADITIONAL MARKETS - BABS MCHUGH
"The share of coal in the global energy mix is forecast to decline from 27 per cent last year to 26 per cent in 2022"
Global demand ...
Thursday, 21 December 17
FUEL SHORTAGE TRIGGERS JUMP IN COAL PRICES - CHINA DAILY
China’s thermal coal prices jumped recently as natural gas shortages across the north spurred an unexpected resurgence in demand for coal-fir ...
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- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- The University of Queensland
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Planning Commission, India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
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