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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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Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
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- Planning Commission, India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
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