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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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Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
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