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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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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
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- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
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