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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 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Deloitte Consulting - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- India Bulls Power Limited - India
- PTC India Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
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