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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, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
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- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- The University of Queensland
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
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