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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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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
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- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
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