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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, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
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 ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
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- Parliament of New Zealand
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
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