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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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Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
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