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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- MS Steel International - UAE
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
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