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