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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
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