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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 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Planning Commission, India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
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