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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, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- The University of Queensland
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Planning Commission, India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- ASAPP Information Group - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
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