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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Planning Commission, India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
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