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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Parliament of New Zealand
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
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