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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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Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
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