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