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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, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
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