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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- The University of Queensland
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
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