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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Tamil Nadu electricity Board
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
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