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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Australian Coal Association
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
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