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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- The Treasury - Australian Government
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- The University of Queensland
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
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