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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, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
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