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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Wilmar Investment Holdings
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