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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
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