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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
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