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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
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