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Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
 In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced particularly challenging times, with global demand for the commodity crashing in April and dragging oil prices to unprecedented levels as a result.
COVID-19 caused panic in societies, with lockdowns quickly translating to a severe hit to the global economy. Sadly, this epidemic has killed over 393,000 people so far, with over 6,500,000 cases being recorded worldwide, and even today, it continues to spread terror and uncertainty. Hopes are placed on a vaccine being discovered sooner rather than later in order to provide communities with a big relief on a humanitarian level and to eventually restore confidence across the different markets that economies are jump starting again and doing so at full speed ahead.
As far as oil and gas projects from major oil producers are concerned, since the COVID-19 outbreak, delays and cancellations have been announced, while most hydrocarbon projects are expected to be postponed for one up to three years according to reports. Representative examples of this big setback, especially in the short-cycle projects of the African continent, are those of ENI and TOTAL. The two international oil and gas majors, who have the largest presence in Africa, have already cut off around 25-30% of their investment in exploration and production projects in 2020 in an effort to ensure their survival in the long run.
As expected, offshore service providers such as AHTS and PSVs, have been also hit by this crisis and are currently going through soft demand and disappointing freights, with today’s challenges proving even worse compared to those during the 2015-2017 period. Most offshore unit owners have already lowered their offers at very realistic levels in order to survive as long as possible, with no increase in the number of laid up units as a result. However, if this situation continues for several more months without no visible signs of improvement, the lay-up option will be the only alternative in order to limit costs, which is also what happened during the 2015-2017 period.
Even those more optimistic do not believe that anything will change drastically during the remainder of 2020 for the oil & gas industry, in terms of demand and offshore projects. Undoubtedly, we might see later in the year some tender / projects but a lot of competition is expected for these, which means that no particular positive effect on the industry/rates is expected. It will take a while before we can have a more clear view of what’s ahead and we expect the market to keep facing challenges at least in the short-term, while on the positive side, governments around the world, OPEC and its allies and all concerned bodies and organizations seem to be taking serious action in order to support demand and prices.
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, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
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