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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Australian Coal Association
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
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