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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, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Ministry of Mines - Canada
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
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