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