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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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Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
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