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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, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- VISA Power Limited - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
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