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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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Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
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, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
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- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Parliament of New Zealand
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
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