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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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Monday, 02 December 19
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- London Commodity Brokers - England
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
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