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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Planning Commission, India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
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