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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 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Planning Commission, India
- Minerals Council of Australia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
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