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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
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