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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, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
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- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- The University of Queensland
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
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