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