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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- White Energy Company Limited
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
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