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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
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