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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- The University of Queensland
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
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