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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, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
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