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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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- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- The University of Queensland
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
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