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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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Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- White Energy Company Limited
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
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