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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, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- PTC India Limited - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
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