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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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Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
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