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Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
 In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced particularly challenging times, with global demand for the commodity crashing in April and dragging oil prices to unprecedented levels as a result.
COVID-19 caused panic in societies, with lockdowns quickly translating to a severe hit to the global economy. Sadly, this epidemic has killed over 393,000 people so far, with over 6,500,000 cases being recorded worldwide, and even today, it continues to spread terror and uncertainty. Hopes are placed on a vaccine being discovered sooner rather than later in order to provide communities with a big relief on a humanitarian level and to eventually restore confidence across the different markets that economies are jump starting again and doing so at full speed ahead.
As far as oil and gas projects from major oil producers are concerned, since the COVID-19 outbreak, delays and cancellations have been announced, while most hydrocarbon projects are expected to be postponed for one up to three years according to reports. Representative examples of this big setback, especially in the short-cycle projects of the African continent, are those of ENI and TOTAL. The two international oil and gas majors, who have the largest presence in Africa, have already cut off around 25-30% of their investment in exploration and production projects in 2020 in an effort to ensure their survival in the long run.
As expected, offshore service providers such as AHTS and PSVs, have been also hit by this crisis and are currently going through soft demand and disappointing freights, with today’s challenges proving even worse compared to those during the 2015-2017 period. Most offshore unit owners have already lowered their offers at very realistic levels in order to survive as long as possible, with no increase in the number of laid up units as a result. However, if this situation continues for several more months without no visible signs of improvement, the lay-up option will be the only alternative in order to limit costs, which is also what happened during the 2015-2017 period.
Even those more optimistic do not believe that anything will change drastically during the remainder of 2020 for the oil & gas industry, in terms of demand and offshore projects. Undoubtedly, we might see later in the year some tender / projects but a lot of competition is expected for these, which means that no particular positive effect on the industry/rates is expected. It will take a while before we can have a more clear view of what’s ahead and we expect the market to keep facing challenges at least in the short-term, while on the positive side, governments around the world, OPEC and its allies and all concerned bodies and organizations seem to be taking serious action in order to support demand and prices.
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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
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- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- PTC India Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
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