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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
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