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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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Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
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- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- White Energy Company Limited
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Minerals Council of Australia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- PTC India Limited - India
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