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