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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, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Bharathi Cement Corporation - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
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