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Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
 2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OPEC producing countries in November 2016 decided to curtail oil output jointly and ease the global glut after more than two years of persisting low prices that overstretched many economies a big part of which depends on oil production. This long-awaited strategic approach after a long period during which oil prices where trading under $50/bbl – and sometimes even below $30/bbl, was aiming in steadying and eventually strengthening oil prices, which in turn would offer the chance for new offshore Oil & Gas exploration projects to kick off, mainly during the second half of the year.
With the first half of the year ending in a few weeks’ time, we can say that this agreement was successful up to a point, as oil prices have more or less stabilized at around $50-55/bbl up from around $45-50/bbl. The partly successful results have led to a new agreement between OPEC and non-OPEC countries to extend the output cut for further nine months, in other words until the end of March next year.
The fact that the market has finally started to show stability signs, after the beginning of the collapse in oil prices that kicked off in the summer of 2014, as well as that oil producing countries, are jointly working together to successfully support prices and appear committed to keep doing so until that happens, is a positive message for all those currently involved in the industry as well as potential investors. However and unfortunately so, the Offshore Support Vessel (OSV) market still suffers from oversupply in all types of offshore units. This together with slow demand and lack of profitable offshore projects has had a few significant drawbacks in the industry. Charter rates have reached breakeven levels more than a few times, more than 350,000 industry workers have been led off so far, around 100 offshore units (including resales) are laid up at the moment, big offshore groups have been merging in order to survive and many shipowners have been trying to restructure their loans in order to keep operating.
It is a fact that all those firms involved in the oil & gas exploration industries have been facing a particularly challenging couple of years, focusing exclusively on staying afloat until oil prices and demand recover to a point where the environment of operation becomes attractive again. Surviving during this period has been made possible throughout a number of ways such as the immediate cut of expenses, which comprises of laying up vessels and/or selling older units as well as new and improved business models which include mergers and alliances together with the entry of new technologies that can improve the performance and operation of these models. Lastly, we witness that even the selection of specialized employees is now a process that is taking place with much more diligence than before.
As far as the eventual recovery of the market is concerned, it looks like in the next months we will continue to witness positive sings. Indeed, we have so far seen improved activity in many regions with regards to ocean towages/rigs/exploration projects, which make us hopeful that we have ‘reached’ the bottom and that going forward there is only one way to go and this is up. Saying that, the speed in which the recovery will be reached will determine how many additional “casualties” this crisis will have, with chances of many offshore vessels re-entering lay-up status and some of them, especially the really old ones being sold for demolition.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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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Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
Tuesday, 20 June 17
WORLD ECONOMY SHOWS A MORE OPTIMISTIC TREND
During the past weeks, we have seen many organizations and think tanks show a more optimistic face with regards to the world economy. The World Ban ...
Monday, 19 June 17
PANAMAX RATES HELP BALTIC INDEX TO A POSITIVE MOVE
COALspot.com: The Freight market rose very marginally this past week compared to the previous week, as BDI and Panamax indexes show a positive tren ...
Friday, 16 June 17
WEEKLY U.S. COAL PRODUCTION RISES; UP 24.1% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 15 June 17
SUPRAMAX NICKEL ORE FROM PHILIPPINES TO S. CHINA PAYING AROUND MID $10000 - FEARNLEYS
Supramax
Market looked more promising from both sides of the basins. Within Atlantic USG returned with tick better rates seen as tonnage kept tig ...
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- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- London Commodity Brokers - England
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
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