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Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
 As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market during the past year, would continue throughout the year.
This is supported from the oil price, which during the past month has been trading at levels steadily above $55/barrel and having reached higher levels during the year. This is in contrast to past years, when oil prices were ranging between $43-$46/barrel, and even lower during the period 2015-2016, when oil price was less than $30/barrel with most notable the historical low of $22.48/barrel.
Back then we were arguing that with oil prices being low it was almost impossible for big oil producers to look at the possibility of investing in a new project or to implement their planned projects from previous years.
As we already know, this created a big agitation in the market. They were very few projects and a plethora of offshore units and oil rigs. Besides that, plenty of companies/providers of support units or drilling rigs at the specific period had financial issues or even reached the point of bankruptcy.
Many factors have played a role in order for us to reach the point of currently discussing a slow but steady recovery on the market of Drilling & Offshore Support Vessel (OSV). Firstly, the fact that member countries of OPEC agreed to cut oil production until March 2020 in order to increase oil price and demand, which will create desirable conditions for new projects.
The mood of Offshore owners either to lower their OPEX or layup a number of their vessels or alternatively send them for demolition despite being so young, with the purpose of decreasing over-capacity in the market. Another important factor was the appetite of some companies to invest time and money in new technological innovations with lower OPEX and environmentally friendly features that would assist in the implementation of the upcoming projects.
Despite recent news, like the tensions in the Persian Gulf, that may slowdown the return to healthier margins in the Offshore industry and create uncertainty, it is estimated that Drilling activity will continue to witness a positive annual growth in the upcoming years, as long as the oil price stablilises around $60/barrel and the cost of developing Offshore Oil & Gas declines significantly. Something similar is expected to happen in the Offshore Support Vessels (OSV), which is expected to exhibit further growth on the activity and rates in the next years based on the rise of Deepwater development activities.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- VISA Power Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Economic Council, Georgia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
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