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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- White Energy Company Limited
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
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