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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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Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
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- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
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