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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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Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
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- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
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