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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, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
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