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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, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
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- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
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