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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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Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
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