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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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Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Monday, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
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- McConnell Dowell - Australia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Australian Coal Association
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
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