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Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
 2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OPEC producing countries in November 2016 decided to curtail oil output jointly and ease the global glut after more than two years of persisting low prices that overstretched many economies a big part of which depends on oil production. This long-awaited strategic approach after a long period during which oil prices where trading under $50/bbl – and sometimes even below $30/bbl, was aiming in steadying and eventually strengthening oil prices, which in turn would offer the chance for new offshore Oil & Gas exploration projects to kick off, mainly during the second half of the year.
With the first half of the year ending in a few weeks’ time, we can say that this agreement was successful up to a point, as oil prices have more or less stabilized at around $50-55/bbl up from around $45-50/bbl. The partly successful results have led to a new agreement between OPEC and non-OPEC countries to extend the output cut for further nine months, in other words until the end of March next year.
The fact that the market has finally started to show stability signs, after the beginning of the collapse in oil prices that kicked off in the summer of 2014, as well as that oil producing countries, are jointly working together to successfully support prices and appear committed to keep doing so until that happens, is a positive message for all those currently involved in the industry as well as potential investors. However and unfortunately so, the Offshore Support Vessel (OSV) market still suffers from oversupply in all types of offshore units. This together with slow demand and lack of profitable offshore projects has had a few significant drawbacks in the industry. Charter rates have reached breakeven levels more than a few times, more than 350,000 industry workers have been led off so far, around 100 offshore units (including resales) are laid up at the moment, big offshore groups have been merging in order to survive and many shipowners have been trying to restructure their loans in order to keep operating.
It is a fact that all those firms involved in the oil & gas exploration industries have been facing a particularly challenging couple of years, focusing exclusively on staying afloat until oil prices and demand recover to a point where the environment of operation becomes attractive again. Surviving during this period has been made possible throughout a number of ways such as the immediate cut of expenses, which comprises of laying up vessels and/or selling older units as well as new and improved business models which include mergers and alliances together with the entry of new technologies that can improve the performance and operation of these models. Lastly, we witness that even the selection of specialized employees is now a process that is taking place with much more diligence than before.
As far as the eventual recovery of the market is concerned, it looks like in the next months we will continue to witness positive sings. Indeed, we have so far seen improved activity in many regions with regards to ocean towages/rigs/exploration projects, which make us hopeful that we have ‘reached’ the bottom and that going forward there is only one way to go and this is up. Saying that, the speed in which the recovery will be reached will determine how many additional “casualties” this crisis will have, with chances of many offshore vessels re-entering lay-up status and some of them, especially the really old ones being sold for demolition.
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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Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
Tuesday, 20 June 17
WORLD ECONOMY SHOWS A MORE OPTIMISTIC TREND
During the past weeks, we have seen many organizations and think tanks show a more optimistic face with regards to the world economy. The World Ban ...
Monday, 19 June 17
PANAMAX RATES HELP BALTIC INDEX TO A POSITIVE MOVE
COALspot.com: The Freight market rose very marginally this past week compared to the previous week, as BDI and Panamax indexes show a positive tren ...
Friday, 16 June 17
WEEKLY U.S. COAL PRODUCTION RISES; UP 24.1% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 15 June 17
SUPRAMAX NICKEL ORE FROM PHILIPPINES TO S. CHINA PAYING AROUND MID $10000 - FEARNLEYS
Supramax
Market looked more promising from both sides of the basins. Within Atlantic USG returned with tick better rates seen as tonnage kept tig ...
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- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- Australian Coal Association
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
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