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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
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