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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Ministry of Finance - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
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