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