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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, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- VISA Power Limited - India
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