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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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Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
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