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