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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, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
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- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
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