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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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Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
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