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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, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
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- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Minerals Council of Australia
- White Energy Company Limited
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
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