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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, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- VISA Power Limited - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
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