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