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Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
 Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of years. The harsh reality is that offshore owners have been dealing with equally bad and sometimes even worse conditions that those owners in the more conventional sectors have been facing.
Since the second half of 2014 and up until today, offshore owners have witnessed a very depressed and volatile market, while as the majority of industry specialists all around keeps stressing that the market is due to face at least another couple of difficult years before things start to improve, sentiment remains very fragile.
The key factor behind this depressed and volatile offshore marker has without a doubt been the continuous decrease in the crude oil price, which primarily happened for two reasons. On one hand there was/is the over-supply in production/stock combined with decreased demand for crude oil in Europe, China and a number of developing economies. The second reason is the lack of a common strategic approach between OPEC and non-OPEC countries that has consistently been weighing down on crude oil prices since 2014. In fact, from the level of $115/bbl in June 2014, prices reached $35/bbl in February 2016 and have currently settled at around $46/bbl. Irrespectively of how optimistic someone is, the above is certainly evidence that unless very specific and collective action on behalf of major producers takes place, prices will need sufficient time in order to reach again levels closer to $100/bbl.
The current lows have led major oil and gas companies to significant losses, with the majority of them trying to alter their strategic approach and to minimize their investments with respect to production and exploration. Global investment in production and exploration has in fact fallen from $700 billion in 2014 to around $580 billion in 2015, while a decrease of at least 20% is expected this year. The end of 2016 will also mark the first time that the offshore industry witnesses three years of continuous decrease in investment production.
The cost/investment downsize approach that oil companies are undertaking, is directly affecting oil workers and companies owning OSV (Offshore Supply Vessels) that provide services in re-supply functions and towage or rescue services to offshore drilling platforms. As expected, in the current state of the market, oversupply poses a major issue in both the Anchor Handling Tug Supply (AHTS) as well as the Platform Supply Vessels (PSVs) fleet, while taking into account the new-building vessels that will be delivered in the remainder of 2016 as well as during next year, we expect excess supply to keep weighing down on the market for longer. Having identified the specific issue, big offshore groups like MAERSK for example, which own the specific vessels types, have announced that they will recycle, modify or sell to non-Oil and Gas owners in order to minimize the help tackle the issue.
This over-supply in the offshore market has resulted in both modern and older offshore vessels being offered for sale in very attractive prices compared to previous years but also with respect to the price these were built, creating without a doubt asset play opportunities for those willing to risk a prolonged - possible beyond 2018 - market downturn.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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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Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
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