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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Interocean Group of Companies - India
- Economic Council, Georgia
- The University of Queensland
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
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