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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- The University of Queensland
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
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