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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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Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
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- Thiess Contractors Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- The University of Queensland
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
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