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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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