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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- The University of Queensland
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
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