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