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Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
 The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s prices that led, after a very long time, in large oil producers rethinking the revival of old and the beginning of new projects, which provided an opportunity for owners to charter their vessels in a healthier offshore business.
This positive momentum of the aforementioned increase in bunker’s prices continued up until recently and was largely affected by two main reasons. Initially, OPEC member countries agreed with Russia to extend oil supply cuts by an additional 500,000 barrels a day through the end of March 2020. Secondly and even more significantly, more than 5 percent of Saudi Arabia’s daily global oil production was disrupted as a result of the unexpected attacks on the country’s oil facilities.
Following these events, the price of Brent crude oil surpassed $70 per barrel this year while many expected the commodity to reach even higher levels as everything pointed out that we were moving towards a “cold-war” between U.S.A and Iran. However, the intervention of other countries denied bunker prices another leg up, with oil gradually slipping back to low $50 per barrel.
It is worthwhile mentioning that during the previous year the market benefitted from healthy activity as far as activity in projects and charter requirements for offshore vessels delivered to West Africa, United Arab Emirates and India Region were concerned, while in terms of the number of reported second-hand deals of AHTS/PSV units, buyers appetite grew significantly during that period. Along the same lines, scrapping activity remained firm, pushing as a result prices for secondhand OSV vessels up by 40% in some cases, while tonnage supply came down as a result and distressed deals started becoming scarce.
However, as 2020 kicked off, market momentum started to wane and uncertainty currently prevails in the market. Even if the long-awaited trade agreement between the US and China was finally signed, the positive spill overs will probably not be felt until later on in the year. In addition, tension in the Middle East last month together with the effects of the coronavirus on global economy and international trade that seem to be worsening day by day, are adding to the lack of confidence among market participants in regards to future oil prices.
Indeed, the first trading day in China, following the New Year holidays in the country, has already seen the local administration imposing tough measures to contain the virus, while many businesses are expected to remain shut in the coming weeks, leaving little room for an imminent improvement both in oil prices and investors’ sentiment.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- The University of Queensland
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- White Energy Company Limited
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
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