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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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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- The Treasury - Australian Government
- India Bulls Power Limited - India
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