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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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Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
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- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
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