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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, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Australian Coal Association
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
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