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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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Tuesday, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
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