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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Economic Council, Georgia
- Planning Commission, India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
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