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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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Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
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- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Planning Commission, India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
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