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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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- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
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