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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
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