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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, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
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