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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
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