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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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Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- The University of Queensland
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
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