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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, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
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