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