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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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Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Australian Coal Association
- The University of Queensland
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
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