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Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
 The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s prices that led, after a very long time, in large oil producers rethinking the revival of old and the beginning of new projects, which provided an opportunity for owners to charter their vessels in a healthier offshore business.
This positive momentum of the aforementioned increase in bunker’s prices continued up until recently and was largely affected by two main reasons. Initially, OPEC member countries agreed with Russia to extend oil supply cuts by an additional 500,000 barrels a day through the end of March 2020. Secondly and even more significantly, more than 5 percent of Saudi Arabia’s daily global oil production was disrupted as a result of the unexpected attacks on the country’s oil facilities.
Following these events, the price of Brent crude oil surpassed $70 per barrel this year while many expected the commodity to reach even higher levels as everything pointed out that we were moving towards a “cold-war” between U.S.A and Iran. However, the intervention of other countries denied bunker prices another leg up, with oil gradually slipping back to low $50 per barrel.
It is worthwhile mentioning that during the previous year the market benefitted from healthy activity as far as activity in projects and charter requirements for offshore vessels delivered to West Africa, United Arab Emirates and India Region were concerned, while in terms of the number of reported second-hand deals of AHTS/PSV units, buyers appetite grew significantly during that period. Along the same lines, scrapping activity remained firm, pushing as a result prices for secondhand OSV vessels up by 40% in some cases, while tonnage supply came down as a result and distressed deals started becoming scarce.
However, as 2020 kicked off, market momentum started to wane and uncertainty currently prevails in the market. Even if the long-awaited trade agreement between the US and China was finally signed, the positive spill overs will probably not be felt until later on in the year. In addition, tension in the Middle East last month together with the effects of the coronavirus on global economy and international trade that seem to be worsening day by day, are adding to the lack of confidence among market participants in regards to future oil prices.
Indeed, the first trading day in China, following the New Year holidays in the country, has already seen the local administration imposing tough measures to contain the virus, while many businesses are expected to remain shut in the coming weeks, leaving little room for an imminent improvement both in oil prices and investors’ sentiment.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
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