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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
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