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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, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
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