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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
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Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
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Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- The University of Queensland
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
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