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